for blackstone, what is that?lion, that is the largest fund ever raised of its kind, and we are just so excited because of the market opportunity to help transform this 100-year-old system, this 100-year-old energy system that we have. it is a $100 trillion market opportunity, the size of the market cap of all public companies on earth, so it is just immense. in this particular strategy, we are focused on doing that in private credit where we have an excellent market environment. alix: so private credit, that makes sense. you could go as far as lithium, you could go that far up the supply chain. so where are the best opportunities with the best returns? rob: absolutely. what is so fascinating about this opportunity is that it really gets that the backbone of society. how we power homes and buildings, how we power data centers, what we eat, our agricultural system. a couple areas we are particularly interested in; consumer, residential, solar. as a firm, we've invested $3.5 billion in that area. the. all that stuff

it is particularly concerning that blackstone group continues to confront labor concerns given that blackstoneed packer sanitation services inc paid a $1.5 million fine in february for employing more than 100 teenagers in jobs at meatpacking plants in eight states through a blackstone fund affiliated with sfr ers. the children reported worked overnight shifts and use hazardous chemicals to clean dangerous meat processing equipment such as briskets sores . 30s remaining. we request that sfrs add an ad, add an information agenda item to the upcoming september meeting concerning learning as a first investment in blackstone managed limited partnerships and we ask that as staffers not reinvent it with blackstone until the contract disputes are resolved and blackstone can guarantee labor peace as at its southern california and arizona, hospitality investors. thank you . thank you. a reminder to callers to press star three to be added to the queue for those already on hold, please continue to wait until the system indicate you have been unmuted. moderator do we have any callers on the line ? madam se

blackstone john's treatise held that the first choice of law is divine. god created natural laws, the rule this world and its creatures laws and the law of nature, which all are bound, is identical with the law of god. god enabled men to discover it through reason but quote eternal, immutable laws of good and evil. so far they are necessary for the conduct of human actions. close quote a universal of nations derived from natural jurisprudence, right reason, morality, custom, well munis of law reflecting these principles determined the rules of conduct for particular societies kant and blackstone inculcated this fundament hierarchy and this background. kant common terry discussed the anglo-american law system, which had evolved from immemorial court decisions and statutes. kant covered the rights of proper, real, impersonal commerce and, descent and distribution can also explain the tradition understanding of american government, constitutional jurisprudence. he focused on enumerate of powers and limitations of the federal and state government as reading l

now, back in 2020 the investor firm blackstone acquired ancestry dot com. we've actually heard relatively little about this acquisition. since, are you concerned about the security of the data? which ancestry com owns considering? and blackstone has more than 230 other companies who would find the dna very valuable. yes, i think the, you, you've hit the nail on the head. this is, this is a huge privacy concern. and a lot of times people, you know, and in my experience don't understand privacy, the 4th amendment. what do those people you say, okay, here, give me your wallet. they say, what do you, what do you want my wallet for long? i'm going to show it to everybody in the room. i'm going to walk around the park this afternoon and just let everybody touch and feel, look through your wallet. people would instantly say no. if you said, hey, give me your cell phone, hey, what's wrong if you have nothing to hide? what are you worried about? but you know, i think kind of putting uh, giving an example where the rubber meets the road is, is really, really critical

coming up, blackstone says it is shifting back to buying japanese property.can hear exclusively from the company's head of japanese real estate. that is next. this is bloomberg. ♪ shery: take a look at how nikkei futures are trending, we are seeing downside of 14 of 1%. this of course after we had u.s. stocks falling on the friday session. we are seeing the japanese yen hovering around the 145 level, is psychologically important of all, although right now we are seeing upside against the back. the japanese yen, the worst-performing g10 currency to date has fallen more than 9% versus the u.s. dollar this year, so that gap between japanese and u.s. weakening the interest rate gap, though wide gap pressuring the japanese currency. you can see japanese bonds really, the 10 year yield just below that 0.6 percent, and we continue to watch japanese assets ahead of cpi data later this week. paul: blackstone is shifting back to buying mode for japanese real estate after shedding $.5 billion worth last year. we spoke exclusively with the head of japan real estate about

and blackstone we're relying on those.that this is the first move for advantage kind of technology where if we get there first with our companies, then they'll be much better positioned than somebody who shows up five years later. and what's interesting to me now, is the major companies in this field, microsoft, google, others, are all not only cooperating with u.s. government, they're pushing regulation because they really don't want bad things to happen with the rapid introduction of the technology i think what's going to happen is you'll ultimately have some type of global regulation. something like a super national institution that can audit what people are doing think about analogy of whether it's the world trade organization or world health organization, but with more of the financial and auditing function to make sure that what people are developing really is safe >> will china try and slot the rule as they've done with the world health organization and the wto or do you think they'll come into line, too? >> it's ha

so there is a building to the blackstone going on, which is impacting the lives of people from the both sides, but as can be of the 2nd next be going to show that it shows actually that employees come about to ask um people to hear yes. so some sort of normalcy returning to some pots, but you've still got these buffers on setup and, and um and checkpoints that you mentioned. but also what i noticed from your report was that this conflict is now spreading into schools, students account and guns rather than books. as you said. how does it come to that? since then what has happened is this conflict has re ignited the age of with them on august the creator. so all black. so we have to understand why these young guys are picking up on the picking up was because they have faced historic or discrimination because they started with the 7 days from a lodging may be dropping. maybe people guessing that knowing it, you started with discrimination. they also said that majority, maybe people legal, domestic interest in grants that actually, that kind of litigation. so when we bought this extra step,

one sold to blackstone and one sold to pimco.eral months later and you are watching columbia property being one of the investors on mortgage folio -- portfolios. when you look at that space, do you think there is a lot more given the trajectory rates? >> that is a good question and a good point. it was our first foray into the space. we recognized a lot of pain in general. just really highly discounted that stock. we had private investors with an interest in buying the stock at a premium and buying the company and its assets at a premium. we were able to deliver to shareholders that 40% premium or so. over those, we unlocked $1.3 billion. >> how much more of these deals can you see? are you in dialogue with other companies that are publicly traded that could be experiencing some of the same pains? >> anyone with a real estate portfolio today, to the extent they have refinanced over the last decade or so, they are still holding those loans and will likely be facing maturity walls and pain resulting from this wild increase in rates

so uh there is a building to the uh, blackstone going on, which is impacting the lives of people from the both sides. but i was going to be with the 2nd next week and it shows that uh, it shows actually back in paul is com about that has completed the here. yes. so some sort of normalcy returning to some parts, but you've still got these boxes and set up and, and, and check points that you mentioned. but also what i noticed from your report was that this conflict is now spreading into schools, students account and guns rather than books, as you said. what, how is it come to that? since then what has happened is this conflict has re ignited the age of with them on august the creator. so all that. so we have to understand why these young guys are picking up on the picking up was because they have faced historic or discrimination of because historically the 7 days from a large and may be dropping. maybe people best thing that knowing into started this condition, they also say that majority, maybe people label them as still risk in grants that actually that kind of litigation. so when we

the fact that you currently debuted -- will this bench be used on blackstone as well? just measure them against that as well as your direct portfolio? >> correct, with the guidelines that were just approved we will update our the going documents that preside over our strategic partnership with blackstone to reflect those guidelines as well as the benchmark. >> okay. the way the categories are now -- i use the word "category" and not "strategy" and the weight of the once that you are able to invest in are we changing that -- so we're more focused or complementing the other asset classes and do you need that range for those categories >> what will prevail is the guidelines that will board just approved and that will prevail and use those building blocks and those categories in construction of the portfolio. the guidelines that you're ever referring to and the previous categories and eight categories and eight sub strategies equity credits emerging markets, nabbing ro, special situations, multi-strategy, wants -- maybe i am forgetting one. it's just a different way of cat

john blackstone takes us to the rising shoreline. >> reporter: there's a particular beauty to this lakeall the more special this year. >> you are talking to a person who literally wrote an obituary for great salt lake. >> reporter: biologist bonnie baxter is among the many who until recently feared the great salt lake was dying. last time i was here just a year ago this was absolutely bone dry. >> yes. dry out to there. >> reporter: and to look at it now -- >> yeah. look at that. look at the sailboats. people haven't been able to even have boats on the water. >> reporter: last year when the lake reached its lowest level ever recordd what water there was became too salty for much of the life the lake supports. but now the swarms of tiny brine flies on the water's edge is a sign the lake is returning to health. >> the birds are back on the shore. the flies are back on the shore. it tells us that if we can get water to this lake the lake will take care of itself. but -- >> you've got to get water. >> yeah. and relying on mother nature to do this mammoth snowstorm season again is not a good

blackstone's non-.k to you guys >> diana, you showed video there and those looked like nice housing situations are there a lot of amenities that come with that? what are you getting for the higher prices? >> you are getting everything from granite countertops, flat screen tvs, infinity pools, there are simulated golf simulators, tanning studios. i don't even want to get into the ridiculous of it but, you know, parents are willing to pay. they're very close to campus it is what the students want if they can afford it they're going to do it they've got the health spa there, too you have all of that nice stuff, foosball, all of it. >> these students are getting a little spoiled if they have a first apartment in new york city, my floor was slanted, 400 square feet, shared it with somebody else. >> with cinderblocks so there you go >> not to mention the other inhabitants, the eight-legged inhabitants. >> of those shorts, sure >> di, thank you it is good to be in college, we can all agree on that. >>> still a

for a few marine moslems use, comes our rose water to wash the blackstone at the cupboard in mecca. the motives are not as a res family has been extracting this essence for generations. mazda bought so gabe . i can go to a junior. she said yeah, oh, destiny has always been linked to the flowers. all sort of husker mount rose cultivation goes back to the time of the center. we're not going to have pretends of our region have grown roses and produce rose water for more than a 1000 years beer. that in the regions of kashana comes side of them known for producing the gross hours so much so that we have a ritual the which you know, we also to role in flower so not to go to the toner. the bellas, as how babies are covered in the flowers. i want to keep them life on protection against entities or the associate's name. again, the are home by 16 childhood. you might say knows a testament to give on life to those flowers that always sometimes my parents, my grandparents from the rooms that i didn't machine the to me, i'll find them. ok. that was a good one. what i was looking for that on a mo

haidi: blackstone has been an active player in this field in the 10 years through 2022. were so many deals on the buying side. since then, you have been disposing of a lot of these assets. what is in the pipeline? what is your strategy and goal here? is there a certain amount you want to hit in terms of sales? daisuke: we don't have a set target and obviously, we are very opportunistic investors. where we see growth opportunities, we invest very heavily. if you actually look at since 2020, we have acquired over $7.5 billion of real estate in japan. also, as you pointed out, since 2023, or 2022-22-2023, we have sold nearly $4 billion of assets to capitalize on the strong financials. haidi: what sectors are you most bullish on? daisuke: hotels probably at the top of the list. if you look at the inbound tourism, it is only 70% pre-covid level but if you actually look at the revenue per room or rent portfolio, it is already exceeding 2019 levels. we are expecting inbound tourism to recover further and so we should benefit from that stronger recovery in the sector. haidi: wha

we're hearing that this financial conglomerate called zongzi, it's dubbed the blackstone of china. it used to be a big player in shadow banking. one of its units might have missed a payment on an investment product. these trusts, they've been exposed about 10% exposed to real estate sector. that's according to bloomberg economics. and this particular unit is valued around ¥600 billion. so we'll have to see if we're going to get more concerned as more potential missed payments in this trust sector. and this is all, you know, at the same time, we just saw this interest rate cut yesterday and today we're seeing policymakers continuing to add short term cash into the financial system. obviously, this might also be to do with some of this seasonal tax payments. but there is analysts saying that potentially they're trying to deepen their liquidity bench in the event of obviously more risk, more more turmoil around the real estate sector. earlier today on bloomberg television, you also had the fitch ratings global head saying that china's a+ rating could potentially be reconsidered if the

google and defendants or former british prime minister william blackstone, have apologize for their family slaveholding, passing diana flagstones. father was one of the largest slaveholders and in parts of the caribbean, colonized by britain. this is always one use on our website that algae 0 don't com . the very latest on all of our top stories on their stay with is coming up. next, it's the listening post on i'll just hear thanks options. there is no channel that covers world views like we do. the scale of this camp is like nothing ever what we want to know how these things affect people. we revisit, please stay even when there are no international houses. there are really invest in that. and that's a privilege as a john the the occupied west by the chat to on the soldiers radio tells us what being watched the hyper and is a place of religious significance, which makes it a macintosh for summit as well as most extreme fest jewish communities who illegally taking the palestinian hull about had gone unlike any other part of the city. the set to the head in the hall with the search of the 2

produce rose water goes beyond the perfume murray moslems use comes our rose water to wash the blackstone of the color in mecca. the mode as our nazzo rece family has been extracting this essence for generations. mazda bought, so you're buying good. a jewish you said yeah, oh destiny has always been linked to us flowers. all sort of husker mount rose cultivation goes back to the time of the center. we're not going to have pretends of all region have grown roses and produce rose water for more than a 1000 years. we're in the regions of caution and comes side of them known for producing the gross. oh, there's so much so that we have a ritual. the which you know, we also to role in flower so not to go look out of toner, the colors as how babies are covered in the flowers. i want to keep them life on protection and get her studies on as you buy associate's name. again, the home by 16 childhood, you might say, you know, it was like this to me to give a life to those flowers. i always thought it was my parent, this my grandparents. i'm the roses. i didn't machine the to me, i'll find them all f

next blackstone energy transition partners for at our meeting, the board meeting on june 15th, 2023, the board approved in closed session an investment of up to 70 million in blackstone energy transition partners for the commitment of 70 million to the fund closed on july 31st, 2023. it's classified as an infrastructure investment within the real assets portfolio and it's the 12th investment with the group finally, altus health partners. six at the july 20th board meeting, the retirement board approved in closed session a commitment of up to 75 million and altus health partners for and priority co-invest vehicles . our commitment of 75 million to all terrorist health partners closed on july 28th, 2023, and this is classified as a buyout investment within our private equity portfolio. and our third commitment to altus concludes my remarks for the cio report, but certainly having to go in any more detail or answer any questions, any questions. okay i just want to spend more money of your operating funds and encourage my from my opinion as the world changes, lots of theories and better

out of this, you know who out the commercial real estate, the loans that were in trouble, the blackstone's carlisles, a lot of private equity firms that exist today, the hedge fund space, they got their start buying troubled assets, all those firms, they know the playbook really well, the problem with commercial real estate is buildings are half-empty in terms of people but from a lease perspective they may be full. tenants are still playing rent but tenants are not going in but leases roll over, those tenants are not going to renew for half of that space. it's a shoe that is going to drop. in many markets it hasn't dropped yet. stuart: what about converting office buildings into residential units? i hear a lot about this but don't see much. >> it is a great idea, really costly and the conversion cost, holding up the building, foreign office building, the rods that hold up the building are designed for office, not apartments. when you get done with retrofit cost, the elevators, all those things are different from an office building. when you get through the retrofit cost, the rent is so hi

space will be ok, even though we have seen high-profile default from lock stone, brookfield -- blackstone, brookfield. there is the thought that these big property owners are going to make it through ok. guy: compare and contrast the situation in the united states and what is happening in mac china -- in china. how big a problem do they have? how bad could it get? >> thanks for having me. when we think about property fundamentals by sector, there are some individual companies that are having some difficulties, like we work and evergrande. some of those issues are isolated to those companies. if we step back and think about individual subsectors then commercial real estate, fundamentals are about the same. and we think across the globe from the u.s. to europe to asia, there are challenges as we discussed. there are other areas where there are bright spots in terms of warehouses and things like that where vacancy is low compared to the over 20% number referenced on the office side. alix: is there a issue -- a shoe that is going to drop? there may be issues here and there, and the bank that

blackstone is a giant. alternative asset manager in virtually everything. >> i just -- we used to talk about this breit all the time. >> things collided >> exactly what jonathan gray said happened. he said, it's fine, and it didn't matter. what's the best chart in the book this is very interesting >> carl, you want to give it a guess? >> no. >> i don't either. >> boston properties how's that possible? 5.7% yield stock clearly bottomed just going up. they've got a lot of a-plus buildings. >> they do -- earnings were well received >> that is some -- >> tornado also looked similar >> they're coming back >> a lot of challenges in the office market, but as you point out, jim, if you own "a" or a-plus, you're in a much better position than if you have a smattering >> there are headlines today about the d.c. agencies pressuring their workers to come back this fall zoom telling their employees, come back for at least two days. >> wow you never had to work at zoom if you -- never had to go to zoom >> no, it's zoom g

both landmark and acc are part of blackstone's nonlisted reit >> very interesting that off campus housing is more expensive. when i went to college it was basic off campus housing was a house that somebody converted. now it's amenity based and a lot nicer. is that a factor in the rents being higher >> absolutely. i mean, a lot of these off campus housing buildings have, you know, inif i ti pools and they have latte bars in the lobbies and they have all kinds of, you know, granite counter tops in the kitchen and flat screen tvs i know this because my son was in one so, that's why you're paying the priceyer rents the kids want to be very close to campus. they get all at men tis and get to be where they want. if the parents with afford it, then they'll do it as the landmark ceo said, the buildings are for, you know, people who can pay for them. they're on the wealthier side of things for housing but, again, the prices continue to go up there is just how much can people pay >> absolutely. my cousin went to school down south. they had a lazy river in their apartment. >> i had a cinder block do

most likely buy back a ton of shares >> blackstone. pulled back 14% from its february high. you can buy it here in the mid 80s. >> we're watching the financials a lot this week. it's been a rocky road >> for the banks >> i'll see everybody coming up on "closing bell." the dow is down 25 "the exchange" is now. ♪ ♪ >>> indeed it is, scott. thank you very much. i'm tyler mathisen in for kelly evans. the latest fed minutes out at the top of the hour. investors are looking for any clues that rate cuts are coming. doubt they'll find any but our market guest says don't bet on it and don't focus on sectors right now, except for one. the brings the names and the stocks she likes in those sectors right now. >>> a double dose of ceos. first, a regional bank you're likely a client of jack henry's. that stock down 8% on the back

you look at the unrealized performance income as told by bloomberg intelligence, it is actually blackstonethe most to gain, with the biggest drop off. that means all of the deal sitting on the sidelines waiting to come. alix: really appreciate bloomberg sonali basak. this is bloomberg. ♪ heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com ♪ (upbeat music) ♪ ( ♪♪ ) woah. ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. alix: we are about half an hour away from the close of european trading on this monday. volume is pretty pathetic. superlight. do not take a lot of action from the markets. the stoxx 600 is up .8%. two year yield pushing higher across the board. germany yields up by about three basis points. natural gas up another 10%. this time it could be an lng export facility in australia and chevron that c

if we do so, we're going to look a lot more like blackstone, get a better valuation because this is aa lot of upheaval there were a lot of folks who made a lot of money in the business who have left in that shift. finally, and this speaks to something we've talked a lot about, solomon, sort of the chaos he's generated he's created three different reorganizations in goldman sachs. >> he has? >> yes, within his five-year tenure he's elevated people to head asset management in one re-org and the next he denotes them and they leave julian is one of the folks we've highlighted that's left. between the three, you have roughly 90 partners who have left, at least 90 who have left in five years. not a shocking amount, but what is more alarming is the heads of some of these businesses have left. >> you have to wonder, especially in a relationship-driven business like asset management, departures probably are a pretty big deal and can be hard to overcome if the client is used to working with certain people who are now no longer there. >> these were the stars, the faces of the business. julian, w

commercial real estate is good to be as difficult as everyone says it is read the front page article how blackstonended these funds to take advantage of what they think is going to be the commercial real estate market. i think there will be a lot of competition if it starts to weaken. they have been bidding aggressively. maria: where is the growth is it in a.i. or somewhere else where would you point to growth in the economy today? >> the growth is in the areas that have been doing very well up until july 31 because of gains they are the ones he gave back the growth in earnings in the growth and potential shareprice activity likely and communication services, consumer discretionary technology and industrials. if you're looking for investable opportunities for the longer-term you have to look to the areas that have been beaten up in particular mid-and small-cap international trading at 20 - 30% discounts to the long-term relative pe. maria: we will leave it there. thank you so much. sam stovall joining us. one of the gop presidential candidates has suspended the campaign and we will tell you who is

you and blackstone have faced defaults on certain properties.ocess looks like and the decision. brian: it is important to distinguish between a default on a commercial loan and what most people think of with a residential mortgage default. often times, defaults get described as mailing the keys back to the lenders. that is not what is happening in these situations. they are really just one step in the negotiation or restructuring of the loans. as one of the largest users of capital markets, we have a great relationship with all of our lenders. we are not walking away from assets, we are sitting down and working constructively with lenders. we had a default on a building in denver recently that has not resulted in a five-year extension on the loan and it is back in good standing. i think this is all a natural part of working through the impact of some of the changes we have seen with interest rates the last 12 months. sonali: curious about the cost of debt. there are a lot of questions about higher interest rates and lagged effects, how dramatica

blackstone has their own strategy. kkr has doubled down. brookfield is buying an insurance company. seeing this play start to pay out. guy: sorry for the wrong sound. reiki see you as ever. -- great to see you as ever. 46 minutes past the hour. let's get to the startup. it will be a busy few hours in the bay area and beyond. silicon valley starting its day. how will that day finish? it looks a little overcast at the moment. what kind of visibility will we get by the end of the session? amazon and apple are about to report numbers. ed ludlow is on tenterhooks. what are you looking for? >> the thing that connects amazon and apple is a tough macro environment. large exposure to the consumer. i think we have a high bar earnings season. look at the performance of the names year to date. apple, 46%. amazon, 56%, something like that. it takes something spectacular to move the needle higher. the bloomberg consensus for apple, we expect the third consecutive year on year decline in sales. only services sector grows. three years is along a stretch of sales decline for apple going back to 2016

financial service like blackstone have been there five days a week in the announcement of david pulk, they announced they're after september -- labor day they'll be requiring all their employees and lawyers to come back -- >> but, bill - >> -- four days a week so we're seeing positive signs of people coming back to work. >> but isn't it just the fancier, newer buildings my question is, what happens to third avenue people don't want to be on third avenue or lexington avenue, which is full of office buildings that are not the new, fancy hudson yards or broad street you're talking about. >> yep. >> so, are we going to see a wave of distress >> we're going to see some buildings that are going to be distressed and buildings that are leasing up empire state development corp leased a space and on 42nd street, and then child mine institute took 150,000 feet in another durst building that's why we need the conversion opportunity in relationship to older buildings to allow them to be converted to residential. >> bill, do banks have the appetite to finance these conversions? in general, can the

and blackstone, of course, is the other one vying for inclusion into the s&p just quickly, your target$65, 20 times 2025 cash flow. >> thank you so much >>> julia, what are we expecting from pinterest >> the big question is how much new shopping tools for brands and consumers are driving ad dollars, as well as the question of how the overall ad market is carrying this quarter in particular investors are looking for an update on a big partnership pinterest made with amazon to bring third-party ads to the platform they just announced it at the end of april loop capital writing, quote, we think the amazon collaboration is critical to demonstrating the bull case that pinterest can turn its high-intent traffic into action and become a valuable shopping utility. pinterest is expected to grow earnings by 5.9% and revenue by about 4.5% we'll have to see whether it follows meta, which exceeded expectations, or alphabet, whose ads also beat expectations, or whether it's more like snap that missed on revenue and guidance back to you. >> you'll ya, where it sits in terms of the ad food chain is a

they'll be the the blackstone branch and hyde park bessie coleman and the obama site. so we'll have we'll have three locations when this within this like five minute radius. so we're really thrilled about that. glad to see bessie coleman. i think we have time for one last question. hello. it's my okay. hi, i'm voletta simpson, director of woodson library for chicago public and hey, everybody, i just wanted to say we are recruiting right now 30 and so if you are interested in working a chicago public library in the we are recruiting in the exhibit hall and chris didn't that and i wanted to just add that thank you for to. all right. she's looking out for me. okay. well, thank you again, both of you. we're so excited. we can't wait. and you will have of people that want to participate appreciate it, want to use you as a model, but also just get from what you're doing so. thank you. and please think the and first lady for all of us. well, you. thank

teams of lawyers and so on and so forth voluntarily in an arm's length transaction giving money to blackstone to manage for them. it's an arm's length transaction among sophisticated parties, for the most part. at some point there are regulations, but i'm not sure exactly what angle they would take to get into the middle of all of that. >> aaron, this has big implications are we moving in the right direction or wrong one in terms of credit availability to the economy and those who might be most vulnerable? >> don't forget about the m, management, the management at silicon valley bank was totally mistaken and there was structural conflicts of interest with their ceo on the board of the san francisco fed, who regulated them i thought jamie dimon was spot on when he showed that chart we have way too many bank regulators i've moved on taking it out of the federal reserve, let them focus on monetary, so i think you have too many regulators fighting amongst each other, often trying to solve for the last crisis and not looking forward. dimon was right that the ramifications of the silicon valley ban