commercial bank and citibank was the candidate for the receivership.we tried to get some details out into the documents related to this, but they seriously wanted to argue that we should talk about putting the commercial bank in through the receivership not that we saw any discussion of the need for putting them into bankruptcy. >> we have to make one last question. >> my question for the authors did you try to interview any city bankers and when you put the book together a lot of the information that you gathered wathey gathered wasfor the seco. >> james has a good story on that. we did speak to a lot of people. a lot of people involved in the crisis i think are still not wanting to speak so much and will also point out that this is one issue in terms of the principles the ceos during that period there is a very extensive testimony from the aftermath. some of it is very well covered in the hearings that were held on capitol hill. others haven't gotten so much attention and that is one of the virtues of the book is pointing out some of those interviews

an interesting side note from that bailout history hank paulson was against this all bailout of citibank at the time he wanted to nationalize citibank we find out it was barack obama who rallied to the defense of the big banks on wall street a lot of people don't understand his role in that particular part of financial history and also i should note that the swiss national bank just sold from what i understand they're apple holding they had a very large business and apple stock they've said they're selling that stock central banks have been buying stock unusually now they seem to be on a winding that stock that could put some downward pressure on the markets if they start on why these positions what about gold mess it's not doing much except trading treading water any thoughts it's been turning water now for almost two years z z. it's started to rally late two thousand and fifteen and i think that is certainly that's one gold mine or there's a bottom and they took off and many are two and three times had some of the juniors are four and five even more times ahead and they gold corp is a

in those days it was called first national citibank. it was that long ago. he has his own company in california. when we moved from new york back home for paul, who is native born and raised in san francisco, he came to work for another company and then he formed his own company. they do investments in real state and other investments. i think somebody should be done about those ranges because the ranges are very far. your children could get the -- g impression, once brian: why? ms. pelosi: i don't know. it should be changed. it should say, your home is between -- not your own home that you live in, that doesn't count. but say you have a second home or -- between one $1 million and $5 million. that's a big difference. then you have two or three of those and you have a very big range. it could be much closer to the lower. but the same thing right down the line. i think it should be changed to be if there's a purpose to this and i think there is, to be more reflective of what the assets and liabilities are. unless your children get the wrong impression about w

amount of saudi investment and princella lead is kind of a symbol of that he owns major stakes in citibank in lift in time warner media twitter other con companies the saudi sovereign wealth fund invests cans scores of billions of dollars in. silicon valley alone not to mention real estate deals all around the united states so there's a lot more at stake here and the countries are more intertwined than many people believe mario thank you very much from washington with the latest. in istanbul with the developments. turkish security sources telling al-jazeera that when the body of the hotshots there was dismembered inside of the consulate the key members of the death squad were scrambling to get a hold of his mobile phone because you'll find there was a as you inside the consulate the death squad was not aware of these that was that he had handed over his mobile phones to his fiance had. changed his apparently they were trying to get hold force of some crucial information in the mobile phone over the last two years the saudi government has been reaching out to the dissidents who live in exil

talk to us about what that means in terms of oversight for citibank. >> don't miss the forest and therees here. you can have a more optimal scenario and think of somebody who is more of an investor or somebody else who was not involved in regulation. they made the decision to keep the ceo position separate from the chairman position. citigroup shareholders, including myself, still have a nexus that of eyes looking over their welfare. move to keep a position separate. ge is selling its commercial lighting division. they are streaming the manufacturing portfolio here. it does not commit much in terms of overall revenue for ge, but it is an important post coming from larry called. -- colt. >> they have been an investor mode for quite some time but this business is one they said they would not sell. viableonsumer business has been on the block for some -- quite a while. they want to keep the commercial parts they are selling today because that has more of a digital aspect to it. it is about rethinking traffic lights and streetlights and the way we do traffic management. they sell lighting

it's a private bank, just like citibank or goldman. >> it would be helpful to explain that because it is a private entity. >> yes. >> so most people don't know that. the only federal reserve that is public is the one at the mall. every other federal reserve bank, there are. >> 12. >> they've all private entities. so consequently i wonder if after the financial mess, some updated ethical imperatives or guidelines have been adopted? because i heard -- i don't know if it's true -- that it's a revolving door and people are intertwined and your cousin works at the x bank and your wife works at the other bank and you are the fed. because in at least in the federal government, we have sufficient safeguards -- as imperfect as they are but pretty good and we got nepotism rules and all that stuff. so i wondered inford reserve bank, private what's the status? and, two, when we adopted the big -- too big to fail concept, has that changed the perspective of the operational procedures inside the bank? so, i think those two questions by themselves are pretty complicated so i'll smith the third -- di

we look at big banks like citibank, wells fargo being our main competition.we are looking at a big year ahead for ipo's, dependent on market conditions. there is a lot of pent-up demands. you are a company that has raised $400 million. what progress are you making towards becoming a public company? taavet: we feel for transferwise, the best place to independent company into continue growing. we are still looking at how to continue growing as fast as we can. being a public company will not help us grow any faster. we have a great investor base that is very happy with the performance. eventually, we might be a public company. that is not something we spent a lot of time thinking about. emily: we will keep our eye on it. thank you so much for stopping by. still ahead, he has worked at facebook and pinterest, and now tim kendall want you to put down your phone. we will talk about his new company moment and how it is trying to reduce screen time. this is bloomberg. ♪ emily: nintendo investors are showing concern. the switch game console may have disappointing holi

. >> will it change the footprint for citibank in new york? they will change where it is but will it change the size and scope? >> absolutely not. we employ 17,000 people in metro new york away from the city, always one of the largest employers, 6 million square feet of space in and around manhattan. one of the things we are doing, i have had you down, after 62 years right down the street from here, at 399 park, we moved back to tribeca. we have under 3 million square feet there that we're renovating. it is the largest single tenant renovation ever done in new york. lots of technology, open-space, exciting environment for employees. we're always continuing to evolve and invest in our footprint. david: what does it say about new york and the global competition for capital and talent and business? michael: it says something we all know. in particular, young people like cities. they want to be in cities. new york is one. today, in the tech space, it is about, not only your ability to attract but actually the real john's is retaining that talent.

rick johnson with citibank. two question, one, peter said the manufacturing an defense industrial base is strengthening. would you attribute that to the tax bill, the dederegulation actions or section 233 actions. that's the first question. second would it safety to say that from this report, we should walk away with the conclusion that it is the administration's policy to incentivise on shoring? l >> let me take the last one first. it's a two-part question. i think coming out of this report, there are going to be certain things that we're sourcing that we need to find a source of simply for. that doesn't mean we're going to take it from an ally. i think become to your first question, are defense industrial based doesn't exist in a silo. part of a broader general manufacturing economy. so steps that we can do to make business growth driving the elt of our companies h help our defense industrial base. decoupling of value chains and what that's caused on our able toy reduce technical mediation. i think there's goi

citibank reported last year that 45% of its fixed revenue came from its corporate cash management planan this your reported $3 billion of investment banking revenues, meaning investment banking and sales and trading revenues 3 billion of smaller market companies that we generally don't deal with. there are places that we can expand our banking footprint in a thoughtful way and that is one of many opportunities the firm has. erik: david, thank you for spending time with us. david: always good to see you. erik: if you want an idea of how goldman sachs may evolve under david solomon, you just got it from the new economy forum. anna: lots of questions answered there. fascinating conversation around the strategy and markets. speaking toer goldman sachs, the ceo speaking to bloomberg. coming up, more exclusive interviews from the new economy forum. after 8:00 a.m., we will speak with the former treasury secretary hank paulson. that will be a conversation you will want to tune in for. later, we will be speaking to the chairman of s4 capital and the former ceo. that is --this is bloomberg. ♪ m

citibank is helping them.we appreciate this. >> you took my pie. >> i'm sorry. >> sharing is caring. i was going to dig off your plate. >> we have three little care bears here. no kid hungry. and for the recipes, go to today.com/food. back in moment. th ais >>> al, jenna and sheinelle getting ready for our third >>> i'm meteorologist kari hall. rain moving into the bay area. it continues to move into porar of northern sonoma county. this will continue in the north bay until about noon. and then make its way into parts of the south bay and the east bay later on this afternoon. recei let's get an update on how our wildfire fund-raiser is going. here are scott and laura. >> that's right, the wildfire fund-raiser to help the work times of the northern and southern california wildfires, it is going on right now. nbc bay area have teamed up with united way to take donations today, no matter how big or small. >> that's right, and we want those phones to ring. 833-nbc-kntv. we want those phones to light up. there have

first citibank haven't we been over this? -- francine: haven't we been over this?back to a public vote? we had a referendum. atrew adonis: that is not the case 32 years ago, we did not know what we were voting on. we told people take a stay in a single market and have all the benefits with the eu while leaving it. that is crucial why there was a majority to leave. my argument and we are a weocracy in the best deal could have is to stay. the reality of the parliamentary theresa may does not have a majority. i would be astonished if it was not voted down in the house of commons. will be two schools of thought. one we should basically go for a wto's.exit with and one as a centrist and have aic position, referendum and put option in the referendum of staying in the eu. francine: you are absolutely certain that the hots are -- that the odds are stacked against theresa may. andrew adonis: we know what she is going to do is going to be agreed to the deal is a implementation. oh. a backstop that logs northern -- comeinto the eu, may. negotiation of what happened at the end

of citibank is still with us. where does this end? the voter skeptic? luigi: i fear that's the case. qualify fort several years. an excuse was found because the eu was. this government is not trying its best to do anything decent. i think the eu does not want to compromise either. moment.a final it's a game of chicken. i fear italy will be the first want to clench. we will see. francine: what does that mean for the fundamentals of the italian economy? isherine: the real issue they have to grow. italy cannot get out of this debt situation without gdp growing. i hope that rather than the high noon moment luigi is talking about, they can stand them and recognize there are avenues that need to be taken in order to improve the likelihood that the policies generate growth. it's not so much about the top line number. that's important from the criteria and the rules. what matters is below the top line and how the policies generate growth. i think there is a little bit of movement. it's from the italian government when they talk about wasteful