to say everything a corporation does and quite a long time ago and with this idea that a corporation is a person legally constituted to act in its own self-interest as a human person we were diagnosed it as a psychopath that forms the basic argument of the project but that rules out i was young and arrogant and full of myself so people watch the film and read the book and see the problem with it and everything will change. ten years after that am sitting in the theater at the celebration of the tenth anniversary of the first film and it hits me like a rock what are we celebrating? ten years have gone by and everything that we talk about has came true inequality, racial economics, global warming, corporations are bigge bigger, more influential. so we are going to the wrong direction and at the same te beginning around 200 corporation started saying we're the go guys now we are the solution to the world's proble problemwe are no longer the problem we are suainable and socially responsible. we a great and good actors now en there was the third piece traveling around the world doing rese

corporate america looks down on you, corporate america sensors yupik corporate america hates you., corporate america wants even more power over you. they want to put their stooge in the white house. steve, the swamp, ricchetti, godfather of nafta and agent for china, corrupt swamp lobbyist who got rich while pretending to work for you. he is a symbol of everything that is wrong with our system and he presents in the white house would be a stain on our democracy and be wrong and unacceptable and we must not let it happen. we must stop the biden swamp. tell me what you think and please share this when we posted. here now to react, florida congressman matt gaetz, fox news contributor lisa boothe and the author of founder charlie kirk. matt, the swamp is, for you, pretty much a special subject to any you have seen it and attacked it and understand what it is all about and you've expose the hidden wiring and done us all a real service they are. what you make of the fact that biden is putting this guy and wants to put this guy right at the heart of his white house operations? >> just ho

luke's finance corporation. it is 1916 and the struggling new york district of saint luke which is headquartered in harlem elected a new president, dennis rice. the harlem saint luke's had three dollars and $0.45 in its coffers but more than $400 in debt. life may have been the formal hand at the wheel, controlled that. in 1981, most of them women inc. the saint luke's finance corporation and set their sights on investment and real estate, 6 of 7 members of the finance corporation and lulu robinson jones widowed by 1909 shared the advisory committee, turned to charity jones to help them recruit new members and chair eddie jones solidified her status, e was known as the mother of saint luke in new york so for her efforts, membership in the new york district sword in the midst of the great migration. it was not the jones women charm alone, the resurgence in the harlem saint luke numbers, they are square focused, laser focused on addressing the needs of black women, lift the spark that revived the order. the new ne

luke's finance corporation. so, the district ended up raising the equivalent of about $1.2 million in modern-day dollars from a bond offering. the incredible amount of money they were able to raise highlights the democratization of investing among black communities. let me say that another way. demonstrating the ways that investing was popular and accessible for most african-americans and it's also revealed a commitment to the working and middle classes, their commitment to self-help and banking on freedom i highlight black people's participation in an investment and get-rich-quick schemes that made the 20 as roar. $1.2 million, i mean, thousand dollar loans and these swanky affairs cannot explain at least on their own the dramatic rise in the saint harlem -- harlem st. luke's. there is the creative financing and in the interest of time i'm not going to go into detail here but i do delve into those creative financial schemes that the ladies of the finance corporations experimented with to raise these an impressi

as the antitrust enforcer to sue a corporation a multi- year long multimillion dollar effort. it was the corporate power to make it complicated and impossible for the burden and that was the strategy in favor of corporate power and it really does belong to the people in passing the sherman act in 1898 and with commerce and trade so it really is an issue of democracy and corporate power and the first round the proper parents we had in this country it was a citizen movement standard oil was a monopoly on the scale of what we had today. but it ruled all the markets and controlled the political system and made it impossible to overcome standard oil and to do investigative reporting to expose all of this and with those articles it actually caused a popular uprising and that there are all these wonderful cartoons trying to show the monopoly power with these images and those that rose up with standard oil and with those anti- competitive murders so i really believe citizens must be involved will not overcome unless we have the engaged citizenry because the concentrated power translat

it's not how big the corporations are. it's that they control the ability t talk with one another and communicate with one another and so tt's the most immediate threat and one day soon we will wonder how did this hpen. first we have to stand up and fight and that's what people are doing. that is what happened today. >> we will get to what happened today, but let's drill down on what happened in the 70s and use the context that came before it because what happened was a reaction to what came before and there was a long. of prosperity that came were the world was relatively egalitarian. is that correct? >> that is correct. >> what were the things that peoplthepeople who were trying e it, what was their story? >> one is not having huge concentrations of wealth. we aim to make sure nobody had more per. but there had to be a limit to how much any one person had. what we learned is we established a set of rules at the beginning to distribute wealth and opportunity and property. we forget re we are arguing whetheto cut people a

you don't get corporate taxes. you don't get massive stimulus. perhaps the market sort of eyeing through the executive the senate some of and house and trying to get clarity. romaine: i'm curious how that squares with regard to stimulus because a lot of people seem to be betting we will get a stimulus package, but with this congressional breakdown, kind of makes you wonder if they will be able to get it through. caroline: mitch mcconnell spoke out saying maybe we could get it done by the end of the year, of ,ourse, winning kentucky back potentially being the majority leader in the senate. as our head of content was talking to us earlier about, it is important what kind of president biden, if he does become president, can be. can he reach across the isle? aisle he reach across the ? he spoke and talked about the need to unite america at this moment. oflor: i think that's one the key points coming out of this election. it's clear that perhaps maybe by popular vote or electoral vote, there is a clear winner, but it is deeply divided, and there is no

and finance corporation. and how black women used financial institutions like the finance corporation, institutions said they lead and control to challenge the constraints of jim crow, sexism and economic exploitation. they used companies like the fls seed to carve out possibilities for themselves and the us economy and society. they understood notions about wealth, value and risk, by gender and race and your place in the economic ladder. they were not simply defined by these factors and processes. they had an active role shaping the meaning of wealth and opportunity and i certainly acknowledge the limitations they face because of their race, gender and class, and wants to demonstrate how black women defined their values in ways that often went counter to the type of messages they received about their worth, as economic actors and also in the larger us economy. we should have a good amount of time left for questions and answers. the best way to understand is through two women who were vitally important to the

obviously it's harder to prevail against any corporation. there was just kind of this analysis, even in enforcer, you're talking about a years long, multi- here's long, multibillion-dollar efforts so it was sort of the corporate power to make it complicated. impossible to meet the burns, basically. that was a secluded the strategy in favor of corporate power to take away what really does belong to the people. back when senator passed the sherman act 1998, he said it will not be a political power. it really is an issue of democracy and concentrated corporate power. the first round we had in this country, the original gilded a age, it was really a citizen movement that did that, the standard was monopoly on the scale of what we have today but it was a big bad monopolist that ruled all the markets, controlled the system. there is a journalist who investigated reporting about the company and exposed misconduct and published it in magazine articles that turned into a book and caused a popular uprising and i don't know if you have seen in my book,

luke finance corporation. headquartered in harlem and organized in the late 19 teens by the new york district independent order of st. luke's, the st. luke finance corporation reflects the opportunities that it open for women in u.s. finance-1920s. so there was a complex tapestry made up of thousands, , thousan, a black controlled financial institutions. these included formal banks and insurance companies as well as thrift savings clubs, loan associations, credit unions and even finance corporations. this complex tapestry controlled millions of african americans dollars and it expanded the boundaries of their dreams. but during the great migration, the first great migration around world war i, however, the increasingly urban and northern black population taxed the capacity of the financial institutions so the tapestry as frayed and born in places and the boundaries of those dreams fixed. so the strategies, the st. luke finance corporation chose to promote reflected some of these anxieties about black women's b

but the second one is go back to corporate culture. morgan and city were polar opposite cultures and their whole business strategy was completely different. so, my conclusion they were worried they might not be able to control what was happening in citibank. so, in the book i tried to argue that it wasn't a mistake but i do argue that they had other opportunities that when they were required to go into retail banking and i believe those were the missed opportunities and it could have expanded their presence in the global custody. this could have beefed up morgan for the expansion in the securities. >> do you think again in the early days and this would be under blue press and also dennis weatherstone, that they basically sacrificed some business opportunities in order to preserve the culture. in the backdrop of all of this was, you know, there was a tremendous amount of change and turmoil in the banking industry. there were mergers happening left and right and as you said, they wanted to build businesses from scratch. was that the reas

luke's finance corporation.s 1916 and the struggling new york district of st. luke's which is headquartered in harlem elected a new president. his name is dennis grice. the harlan st. luke's had $3 dollars and 45 cents in its coffers but was more than $400 in debt. now he may have been the formal hand at the wheel but his ambitious group of women controlled. twenty-one members mostly women incorporated the st. luke's finance corporation receptor sites on investments in real estate. so women made up six of the seven members of the finance corporations board. and lulu robinson jones was widowed by 1909 shared the advisory committee. so when harlan st. luke's turned to charity jones to help recruit new members. and charity jones solidified her status. she is known as the mother of st. luke's in new york. and so through her efforts, membership in the new york district sword in the midst of the great migration. i was not the joneses women charm alone that refueled a resurgent in the harlem st. luke's numbers. they ar

i focus on one company that is the finance corporation. and i use it to explore how lack women use the financial institutions like the st. luke's finance corporation institutions that they lead and control to challenge the constraints of jim crow and economic exploitation. they use companies like this to carve out possibilities for themselves in the u.s. economy and society. they understood the ideas about wealth and value and risks were shaped by race and gender and your place in the economic ladder but they do not simply defined by these factors and processes. they took an active role in shaping the meaning of wealth and risk and opportunity. and while i certainly acknowledge the limitations they face because of their race and gender and class i also want to demonstrate how black women define their values in ways that often ran counter to the kind of messages they see about their worth as citizens and economic actors not just in black communities but also the larger u.s. economy. so, we should have a good amount of time left for question

luke's finance corporation. within a few years that corporation makes them ambitious and lucrative real estate investments. so that by 19209, and a little more than a decade the new york st. luke's went from being silly $400 in debt to having more than $5 million. that is a very conservative modern-day dollars. having $5 million in property. and so as the country slid towards economic decline by the end of the decade the board's failure to sell all of the corporation's stock left it undercapitalized. despite the fact it was generating more than 10,000 dollars in annual profits. not equal too about $150,000 in modern-day dollars. the race and renting the spaces in the hall, and the apartments in the building. the order used those revenue to provide jobs or admittedly a top-heavy workforce of nearly two dozen employees. but also to fund its public commitment. such as providing charitable assistance to 500 harlem families. so let me stressor for just a moment. safe affordable quality housing of restaurant, retail s

this ruling class of big tech and corporations. all of these people think they can get rid of trump and we will go back to normal. they are delusional. the point i want to make is that trump has 70 million american people. he illuminated everything whether it's the danger of china and the big tech and fake news. a litany of issues. they are delusional if they think these people are going to disappear if they take out trump. they are weded to a broken system that sold out the american people. they will try to snap back to advancing balances that are going to sellout the american people and the middle class especially. they won't fix immigration or trade deals or break up big tech. yet, this is only going to accelerate what comes next. america first is not going away. >> tucker: i was interested -- i want to highlight one thing. in the comments of lindsey graham who just won reelection in south carolina because conservatives voted for him. people around trump put pressure on lindsey graham to send them money. he sent them 500 grand.

louis's finance corporation. it is 1916 and struggling new york districts of saint luke which is headquartered in harlem elected a new president named dennis rice. they had $3.45 in its coffers but was more than $400 in debt. bryce may have been the formal hand at the wheel but an ambitious group of women controlled believers b in 1981, 21 members, most of them women incorporated saint luke finance corporation and set their sights on investment in real estate so women made up 6 of the 7 members of the finance corporation's board and lulu robinson jones who was widowed by 1909 shared the advisory committee. so the revised harlem saint luke turn to charity jones to help them recruit new members and charity jones solidified her status, known as the mother of saint luke in new york so through her effort of membership in the new york districts lord in the midst of the great migration. it was not the jones women's charms alone which fueled a resurgence in the harlem st. louis numbers, their square focus, laser focus on

the words corporate culture what you think about? >> my first book the culture map was about national cultural differences and i never been interested in researching corporate culture until i came across this company because what i've seen is that in all most every company i looked at the corporate culture is a list of aspirational dreams as to what we would like this company to be like. we believe an integrity or we believe in respect and it just seemed like we didn't have a really life in the company and what i saw with netflix was reed's way of explaining the culture with it instead he was helping employees to make decisions, tough decisions during the day and looking at these tensions like potentially between how density and feeling secure at work. it was only when you help people deal with these tensions that the corporate culture would come alive in the organization and that is what i saw with netflix is one of the first times ever i see a company where what they say is there corporate culture is really living. >> host: could t

luke's corporation. it is 1916 and the struggling new york district of st. luke's which was headquartered in harlem has elected a new president. his name is dennis rice. harlem st. luke's had $3.45 but it was me than $400 in debt. he may have been the former hand at the wheel but an ambitious group of women controlled the levers. so in 1981, 21 members, most of them women, inc. the st. luke's finance corporation and they set their sights on investment in real estate. so, women made up six of the seven members of the finance corporation board. as lulu robinson jones, widowed by 1909, shared the advisory committee, so t revived harlem st. luke's charged to help them recruit new members and solified her status and was known as the mother of st. luke's in new york so throrough her efforts to membership in the new york district sword in the midst of the great migration. now it wasn't their charm alone that built a resurgent in the harlem st. luke's numbers. they are laser focused on addressing the needs of black women to light the spark that revived the order. so

luke finance corporation. and i will use it to exploreow black women used financial instutions le the state luke finance corpotion, institutions that they lead and controlled to challenge the constraint of jim crow, sexism and economic exploitation. they use companies like the sls c to carve out possibilities for themselves in use in economy and societ they understood that notions, ideas about wealth and value and risk were sped by gender and by race and by your place in the economic ladder here but they were not simply defined by these factors and these processes. they tk an active role in shing the meaning of wealth and risk and opportunity. and while i ctainly acknowledge the limitations they faced because of the race and the gender andhe class i also would want to demonstrate how black women defined their value in ways that oftenent counter to the kinds ofessages they received about their worth as citize and as economic actors, not just in black communities but also in the larger u.s. economy. wehould have

but the second point that it goes flat is the corporate culture. they were polar opposite cultures and the business strategy was completely different so my conclusion they worried they might not be able to control what was happening in the citibank but i do argue that they had other opportunities to go into retail banking and those were the missed opportunities. they could have expanded their presence. a. >> so, do you think that again in the early days they basically sacrificed business opportunities to preserve the culture? in the back drop on all of this there was a tremendous amount of change and turmoil, there were mergers happening left and right and as you said they wanted to build businesses from scratch. was that the reason and was that the mistake? >> that's the question i struggle with. they would say that they were worried about the loss of this culture they revered the rank and file revered so the question is was it an excuse for and in action. action. i have a friend of mine i was telling him this and he said to me the problem was the

luke's finance corporation chose to promote these anxieties a black women's bodies on the urban spaces. and these conflicting tensions as both the victims but also the sources of social disorder so with a stretch these financial institutions like the order of st. luke's? they desire better career options they reject the efforts to police their behavior and the way they spend their leisure time and with the promises of investment and then as a way to destroy a the middle of jim crow also growing tired of these pictures that implied that men are the producers and consumers of these products and these markers of citizenship so the financial institution that experimented with those ways to raise capital they struggled with the course of the intractable problems and from my book to do with the number of forces so here i will focus on the rise in the fall of the finance corporation. 1916 and the new york district of st. luke's headquartered in harlem elected a new president. the harlem st. luke's $3.45 in the coffers that was more than $500 in debt. but the ambitious group of women so in 198

a friend and i reed aaron's first book and it's an exploration of the different cultures for the corporate situation so the koreans in the french and them mexicans and the americans and it spoke to the challenges that we had internally at netflix so it's a fantastic insight and so then i looked erin up and asked her to be a speaker for internal conferences that we had at netflix and then i realized she would be the perfect one as a chronicler observer and an astute observer of culture to write the book and the point of having a co-author is, you know like many people i've reed a lot about ceo pontification books and every time i reed them and wonder what it's really like. we wonder what it's like in the middle of the company. we put erin in and how she has her own reputation and professor and open access to interview over 100 netflix throughout the world and let her reed about the reality. the mobility of the book comes from that attention between me doing the theory and erin talking about the reality as an employee's experience it. >> host: erin meyer, you were pretty aghast when we hasti

but the second point go back to corporate culture. the whole business strategy was completely different they worried they might not be able to control what was happening so in the book i try to argue that it wasn't a mistake but i do argue that they had other opportunities that required them to go into retail banking. the one in particular this could have beefed up the expansion in the securities. >> in the early days this basically sacrificed business opportunities to preserve the culture. the backdrop on all of this was there was a tremendous amount of change and turmoil. there were mergers happening and as you said they wanted to build businesses from scratch. that is the question i struggle with. my take is they revered the rank and file so the question is was it an excuse. a friend of mine said to me the problem was the culture. he grew up in a completely different era. i'm kind of in the middle because i love the culture. >> how had the culture changed? >> here's the way that i think about it we are not going to acquire outside

corporate money on politics. it's just such a rare sight so it was a wonderful thing to see. i was honored that they invited me to testify in the first hearing that spoke to the influence of google and facebook monopoly power the advertising on the journalism industry. then again i got to look at the proposing solutions from moving forward so there were many hearings and hours and hours of interviews and they created a 460 page report so for anyone who doubts that the companies have been used in an anticompetitive way tha there's0 pages and then of course i talk about in the book it's not just that these companies are on top because they are the best. they have taken their muscle and made sure others do not get the chance to compete and that isn't legal. it's illegal under the antitrust law so i'm optimistic that the proposal put forth in the report and it will start being included in the legislation and i'm hopeful we will be able to make some real reforms in terms of the antitrust law. the nondiscrimination rul

and that's just not the way corporations work. peter: in your book, "no rules rules," you write, "employees aren't allowed to let me drive this company off a cliff." peter: it comes with a quote from my co-ceo. he was choosing how many dvds to buy for certain films. he said, i don't think that's going to be a very popular film. he ordered less than he would have. we ran out and customers were unhappy. when i said, why did you order so few? you said it wasn't going to be very popular. and that's when i said, ted, you have to do what you think is right to help the customers and the company. you can't be trying to please your boss, me. you can't let me drive the bus off the cliff. you have to fight for the benefit of the company. and in general, we say don't seek to please your boss. seek to please the customers and to grow the company. so we want people to actively think independently, not just to implement your bosses wishes. now, you should never hide anything from the bosses. certainly, you should tell them. but the idea is to ge

if these seem like corporate values to you, uniformity for the most basic corporate mind, you're catchingn to what's happening. joe biden for president campaign is a purely corporate enterprise. the first one in american history to come this close to the president. its values, slogan, its goals come straight from the hr department. if a multinational corporation decides to grade a presidential candidate, he would be a former credit card shill from wilmington, delaware. that's exactly what they got. what's good for google is good for the biting campaign and vice versa. we have never seen a more soulless project. they literally picked, harris as the vice president. it someone who can't even pronounce her own name not that it matters because it's purely an advertisement. we watched it all come together in real time. we withstood that slack-jawed in total disbelief as a man with no discernible constituency of any kind rose to the very top of our political as if by magic, we look for lawyers, how did he do that, he keeps rising. it's possible in the end they joe biden himself never convinced a

billions of dollars were mobilized, basically in an instant to bail out corporate america. and this is incredibly ironic because these were, these corporations were, you know, in a week when it was because of their own business models because they had over leverage themselves. because they had engaged in pushing money out to shareholders instead of planning for tough times. meanwhile, regular people are held to that standard. you know, if you haven't saved, then it's your fault that you're suffering in this moment. so there's a, there's a double standard written into the economic response. so you never form a cactus and does not eat up to its billing. because real capital ready to say, well, capitalism works when we kiss companies go bad ideas they make, they are today. well, actually hasn't happened in any society and that's probably when we come out of that certainly say that the old monks were a role public and i think we can also asking questions, was it not? is a socializer time. and yet, outside the game that we need to rethink your kind of the efforts to rethink capi

one of the first times every see a company for what they say is their corporate culture is really. >> host: could this culture be taken to the gm and implemented there? >> guest: it's a great point. we have had 200 years of factories providing enormous economic gains to our culture and it's a top-down system. you have all the workers who never make a mistake and assemble and a perfect car or perfect pharmaceutical or hopefully a perfect airplane. the paradigm is very strong because it's very valuable and that top-down culture is well-suited to a factory. there's another type of creative work that he used to be very small and now it's grown to be an essential part of economy and influenced by the factory paradigm. really what you want to do is increase variation like in the factory and you want to experiment and learn and you've got to try many things. think of it as fertile as the goal in our culture and -- as the goal in the factory. in a creative environment you want to get the best ideas. as the private sector is the reason we haven't figured out what are the right paradigms for cr

those in the corporate welfare but what are your thoughts on what there is out there? >> i think it's possible to answer the question with the research we just keep stumbling across more and more examples. and talk about the louisiana situation and then we are talking very big big numbers but to put up a corporate welfare countdown clock with the dollars but i don't thank you have a solid number.

to the corporate etf. and maybe even launching a digital currency. as systemically important institutions. for me i would. when i got into this issue. he believes that its rise. whether it's too big to fail or manage. the counter message. hang on. that is the argument. from that perspective. you really do have to do a stellar job of regulating the banks. >> in the end there was the economist on the issue. to one of the keys of the parts of that question. does the fed need to call j.p. morgan chase anymore. the most influential think. we are back in standards. we can to have a chip on our shoulder to be honest. as the late 1990s. morgan was falling behind. i think it was goldman sachs. officials. in the administration. itas tough to accept it. and here we speculate. what is the future of j.p. morgan. what is the future afterwards. what will it be like after the guidance that is no longer there. it's a very strong management team. i've no i have no reason to challenge at. that is the big unknown. should there be a separation between commercial banking

and that it was really when you help people deal with these tensions that the corporate culture would come alive in the organization. that's what i saw with netflix. i saw him one of the first times ever i see a company where what they say is their corporate culture is really in the company. >> host: could this culture be taken to a ford or gm and implemented there? >> gst: it's a great point. we've had 200 years of factories providing enormous economic gains to our cultures. in a factory, it'a very top-down system. you have some senior boss and then all the workers were supposed to never make a mistake and a simple perfect car or a perfect pharmaceutical or hopefully a perfect airplane. so the manufacturing paradigm is very strong because it's very valuable, and that top-down culture is where all suited to faory -- well-suited. then you have another type work creative work. it it used to be very small and now it's grown to be substantial rt of the economy. and we are over influenced by the factory paradigm. really with creative wk you want to increase vartion, not decrease i like an

socialism corporate welfare you mean corporate welfare yes corporate welfare this is another euphemism for but quite frankly they enjoy many of the benefits that millions of us have been asking for and they take all the profit you've been campaigning how easy is it to get african-americans who may be the maybe the deciding factor in this presidential election to vote to turn out on tuesday given that biden supported school segregation mass incarceration that learned more than in libya grenada panama the destruction of yugoslavia you know the record the list goes on and on you know right now talking to people one of my favorite course mama car bar he says claim no easy victory so the people know lies and so truth is the order of the day when you're talking to people and i think you have to say yes this is a horrific this is not an exciting choice this doesn't propel you to the ballot box but what we've seen is that millions of black people are waiting in very long lines in georgia and in florida and texas around the country to do that very thing to go our vote because we understand that

s of major corporations and making headlines for denying to covert causes. through their own philanthropic organizations, but it's not just about the money. it's the perception that it comes with all the trappings of the corporate world efficiency returns on investment, streamlining of operations. all of this is transformed. what was once simply charitable, giving into something else. philanthropy, capitalism has written about it extensively in a book, no such thing as a free gift. i think we have to be the headline sometimes. mr. gates did talk about the need for mass testing at an earlier stage, and you have to and that was a good time to take, but i really didn't crash whether or not there are after were anything more than a band-aid solution because there is no added it that they were really having much more on the sort of really deteriorated and branch ocular approach that was underway in the u.s. more generally. i think what we are dipping into their own trousers given we're all in the mix that looks to everyone that anyone could be a beating ordinary

basically never happens unless it aligns with corporate america. our system has been bought out from under us. and that is, that is how it works now. and so another idea, the largest and most crucial example of what's unlikely to change much is around climate change in the environment. biden will give speeches, unlike trump about how trump's a climate arsonist. he called him and how trump's not doing enough about climate change, but the paris accords had no teeth in them. nothing to make sure anything happened . if you look at the countries that are still in the paris agreement, they haven't met any of the standards, any of the agreed upon measures. so really nothing changes. you just get a few speeches from democrats saying that they're going to care about climate change while california is literally on fire. our states are on fire and we can't get these politicians to do anything that doesn't just reward big business. big fossil fuels, big fracking, i mean, it's insane. a john, a former obama administration chief of staff and eventual chicago may

and corporate america is the boy. by ceding shareholder prime is , the business leaders began down a slippery slope. the radical left will not be until they remake free with rise to be aligned the misguided goals. the business leaders of this country will be well served to admonishment of a nobel laureate when he said, when i hear about business leaders talk the social issues, i'm french man in he was speaking pros all his life. business is not concerned merely but also promoting desirable social ends, that business has a social that takes and seriously its responsibilities to providing employment, discrimination, avoiding pollution and whatever word of be the catch contemporary reformers. anyone else preach pure and unadulterated socialism. way essmen who talk this are unwitting puppets of the intellectu intellectual forces that have undermining the bases much a free society for these past decades. speaker, this is a stark warning to those who lead america's largest companies, hat attempts to appease socialists and r

i'm looking, corporate culture matters a lot to me. .. came from. jpmorgan junior said first class business in a first-class way. at jpmorgan chase it is similar in that we aim to be the most respected financial service from the world serving corporations and individuals in 100 countries but this is what they say. it is a new twist was never expect to be best in class every year in every business but we -- wait a minute. something, we will really compare with our best in class peers, we will regularly compare with our best in class peers. the goal is still there but not quite as perfect. is that another reason for success in this very imperfect world where you are in a global world, tremendous competition, turbulence from unregulated industries in the shadow banking system is used. is that a better kind of motto for today? >> i think today, the way i think about it is let's do the industry. let's talk about the industry. the banking industry when it started in 1980 there were 15,000 commercial banks. where are we, at the time of jpmorgan's merger, t

it is time for the owners of wal-mart, mcdonald's and other large corporations to get off of welfare and pay their workers a living wage. see there is nothing more uniquely american these days than these suited and booted corporate welfare. queens living on wall street drinkin their mckellen's, 50, five's the broken backs of the working poor. and that my friends is the waking american dream and why we are always watching the most. you want to go on a city street. you want to see there. so you see that this is joyce state, great city, this least systemic deception is the late show which some things just as well who are watching the rove and her and i want to cry. yeah, man, the american dream you got to be asleep to believe it was the little darlings woman greatest lines ever. but that's our sub. the waking american dream is that it seems like all our big corporations and our most common household names, all essentially make billions and millions and millions and millions of workers who are literally on food stamps or literally are on medicaid because that's they fall below the povert

very well in terms of google facebook amazon maybe we don't know the trainees corporations very well because their reach is just beginning to expand. beyond china so far china has been kind of like an internal colony but we are starting to see how these corporations how the infrastructure developed in trying out is starting to expand to 2 different parts of the world including asia and africa. the china's biggest private company well way to acknowledge this africa has been a goldmine of so it's countries like south africa nigeria kenya which is where now had delivered some of the biggest most rapidly growing telecom it's. has studied the way effect here in kenya they're building products for example that are suited to the african market the cheapest mobile phone that you can get in various african markets it's a chinese phone so you're pulled out of almost like you looked on months of both in the food store and they're building relationships with governments they're providing infrastructure so while we has provided a lot of infrastructure for. surveillance in kenya and i see team ken

liquidityfered ample to the corporate sector to continue to do their job and pay their suppliers and employees, and of course we need to continue to do it, so my first concern, my first priority, is not about a dividend, not about a bonus, not about working with clients and supporting them. that is absolutely crucial, and i think the banking sector has done over europe quite well during the crisis and continues to do it. which haslement support given by the ecb and by government. of course, there are other challenges that you mentioned. among them, we need to continue to be strong, to have a strong capital, and to manage the potential difficult days we may see over 2021 and 2022. priority, to answer your question, is to serve clients, then we will see. francine: what is your second priority? i havey second priority, said this, continue to be strong, to continue to raise funding for financing the mindmy, and having this in , we had issued challenges. one of course is the operation of the challenge. the stocks and banks have done very well over 2020, and their protection, their capacit

the second point, the reason, go back to corporate culture. was telling you sullivan and morgan were nice and safe. morgan and city were two polar opposite cultures and their whole business strategy was completely different. my conclusion, they worried they would have a culture clash that they might not be able to control what is happening in citibank. i tried to argue it was nice a mistake but i do argue that morgan had other opportunities that wouldn't have required her to go into retail banking and i believe those were the missed opportunities and in particular, could have expanded their presence in private banking, global custody. this could have beefed up morgan or the extension. >> do you think morgan in the early days, this would be under luke preston and dennis weatherstone that they sacrificed business opportunities in order to preserve the culture? the backdrop in all of this was a tremendous amount of change in turmoil in the banking industry, mergers happening, mega mergers happening left and right and they wanted to build business