i am jason kelly. carol: i am carol massar. n listen to us on radio. jason: and in london and asia on the bloomberg radio plus app. opening the magazine, we have remarks from the editor and chief emeritus of bloomberg, who started bloomberg news. he was in london back in the 1980's. carol: great historical perspective from him. he was there when margaret thatcher was helping to make london they financial epicenter that it is today. jason: he says that brexit is poised to undo all of that. here's what he had to say. >> london before the big bang, which was the deregulation of very old, distinguished and antiquated financial system, was sort of from hunger. that is how i would describe it. hunger in the sense that everything was poor, hidebound, lacking vitality, dark. london seemed darker. and what big bang did more than anything else was open the country to everybody in the world. that's really what it did. by opening itself to everybody in the world, it not only transformed the financial system, but everything in london. carol:

i am jason kelly. carol: i am carol massar. can listen to us on radio on sirius xm channel 119, and on am 1130 in new york, 106.1 in boston, 99.1 fm in washington, d.c. and am 960 in the bay area. jason: in london on dab mux 3 and in asia on the bloomberg radio plus app. we turn to the politics section and a cornerstone of president's immigration policy is the idea that so many undocumented folks are criminals. carol: exactly, and we aren't sure the data is out there to support that. jason: it is getting even harder to figure out what that data says. carol: we did some digging through reporting. >> they were hammering home the point that so-called sanctuary cities like new york don't honor these notices called detainers to hold onto people they have in custody already so ice can pick them up. they are basically saying they ignored 440 of these detainers from us and release these people. some of whom are criminals that get picked up right away again. they are endangering their own communities unnecessarily by having this politica

jason: i am jason kelly. we are at bloomberg headquarters in new york. taylor: one of our favorite stories, justin trudeau. we spoke about how he is navigating negotiations with president donald trump. jason: trade on the forefront, we also go global with one of the most listened to voices on business and economics mohamed el-erian, and he tells us what to be worried about and what not to be worried about around the world. taylor: with our cover story, some say toys "r" us and others say tears "r" us. jason: a deep dive into the world's most famous toy store. taylor: and some saying why they didn't have to declare bankruptcy. carol massar spoke to a reporter. carol: toys "r" us was really one of the first of the big box stores. it started in the late 1950's but came into its own in the 1970's and 1980's. started by charles lazarus, who had a simple idea. a lot of people were coming home from world war ii, he served. they were starting families and were going to have kids and they wanted homes and wanted to fill those homes with lots of things, including t

and jason kelly. carol: you can listen to us on sirius radio. n: you c also listen to us in london. and in asia on the radio one plus app. we turn to the politics section. a cornerstone of president trump's immigration policy is the idea that so many arecumented people criminals. >> we are not sure if the data is out there to support that. >> it is getting hard to figure says.at that data >> there are hammering on this point that sanctuary cities like notices don't are these called detainers to hold onto people they have in custody already so that ice can come pick them up. they are saying that they ignored 440 and then they just go and released his people. some of them are criminals who get picked up right away again. they are endangering the own communities unnecessarily by having this political stance not to cooperate with ice. let's go back one step to immigration being at theo politically and rhetorically of the trumpet ministration. this is one of the key issues. how is it actually playing out statistically? know as much as we used to. thes

joining us now is jason kelly. michael.o his first wall street beat. this will be crazy. : it will be crazy. thisis amazing to watch saga play out. almost every day there is some deutsche bank think that we are talking about in this segment. and what is interesting about thisew speculation is that started a number of months ago -- bought substantial stakes in both. that kicked off speculation initially. by most accounts, it just probably makes sense. at least to some people. we will see. both of these things are clearly in some level of trouble. they are very important and you probably have insight to the german economy. michael: deutsche bank has been . german champion is it raising value for shareholders or the german economy? jason: that is the key point. theeels like a case where government will have a lot to say. and will have a role in this. michael: if there is a merger, the final product will be called deutsche bank. bet. that is a good let's turn to apple. apple has now asked buyers for a .0% cut in components stocks are down and suppliers are getting hit. my thin

i'm jason kelly. carol: and i'm carol massar. find us on radio on sirius xm channel 119 and in new york, boston, washington, d.c., and the bay area. jason: and in london, and asia on the bloomberg radio plus app. in the business section this week, this is a brand not many people outside of china has heard of, a big kid for gm. sales have increased tenfold since 2013. carol: which is pretty dramatic rose. it is all due to an increasing middle class in china. >> we have a rapidly growing brand. they make small cars and make seven passenger npb's which is like a minivan over there. since has grown 10 x 2013. it is up to about one million units per year. that is the good news. the bad news is buick has kind of stalled out. and that is really their big brand. so has chevrolet. ourbrands that are growing cadillac on the top of the market, getting nice growth. now, that center part of the market where buick competes against brands like volkswagen another's, there is still growth there -- like volkswagen and others, there is still growth

let's turn to jason kelly. first let's show the discounts now which shows 22% discounts. problems, promised it would never trade is a discount. jason: it's widened dramatically. it's not unusual for there to be 2% really one he should -- but 22% shows how wide it has gotten. he is movsome of his own money to try and bolster that. vonnie: he's always been involved in real estate in a profitable way, is it for sure he is moving money from their into this vehicle to shore it up? jason: that's what we think is going on based on regulatory filings. ackmanhas been up for -- has been upfront saying a going to use proceeds from a personal in toing to go essentially fund this endeavor. it's an interesting move, there is a lot to unpack here. part of it is he obviously vonn of the problems isn that there's not as much liquidity in that vehicle. there have been great gains in the past few months. out isng i want to point that fish did revise the rating to negative from stable and one of the problems was all of the share buybacks. can he continue to do this? we will see how the market

we have carlyle investment management co-ceos, kewsong lee and glenn a youngkin with jason kelly. jason: this audience is better caffeinated then this morning. more rousing. >> it's because the cpas won last night. jason: for those of you who were here last night, i'm very reluctant to open this. he never takes notes. it felt very judgmental, to be honest with you. i never have notes, i st ask questions. i will keep eye contact. >> the whole time. jason: welcome. what is the state of the world for an investor right now, for investors today at carlyle? kewsong: i think what's interesting is we've been through a period time which has been a wonderful time to really invest. the economy was growing, a lot of central bank liquidity, low volatility, rates were low. it has shown up in our performance. our performance has been terrific. recently, some volatility has been introduced. , geopolitics, trade tensions, a whole host of issues. i don't look at the volatility as an increase in vy. there was an absence of volatility over the past five or sixears. because ithealthy allows us to avoid

jason: i am jason kelly. we are at bloomberg headquarters in new york. ite tories this week, justin trudeau, canada's prime minister. we spoke about how he is navigating negotiations with president donald trump. jason: trade on the forefront, we also go global with one of the most listened to voices on business and economics mohamed el-erian, and he tells us what t

jason: and i'm jason kelly. we are here at bloomberg headquarters in new york. in this week's issue, general motors signing a winning strategy in china. jason: that's right. i don't think many people have heard of it outside of china. carol: exactly. jason: first, we get to a really interesting story about a deal that died.

jason: i am jason kelly. we are here at the magazine headquarters in new york. week's issue, a lot of global stories. jason: we start with israel and bibi netanyahu. this week, new news about his political travails tied to his business. this is a familiar story. carol: a lot of questions out

jason: i am jason kelly. we are at bloomberg headquarters in new york. of our favorite stories, justin trudeau. we spoke about how he is navigating negotiations with president donald trump. jason: trade on the forefront, we also go global with one of the most listened to voices on business and economics mohamed el-erian, and he tells us what to be worrie

i am jason kelly at bloomberg headquarters in new york. a big show for you this week. london where we explore that city's future as a financial hub given the backdrop of brexit. we go to south carolina where we talk to the although ceo about the new plant there. what it means for that state's economy and for volvo's chinese owner. we start with the big story of

they sat down with jason kelly and jason joins us now.k about this next generation of private equity leaders, we have been talking about it for a while with different firms. why is this such a big deal? >> largely because carlisle, unlike a lot of its rivals, handed the keys over to these guys. all the other firms have named residents, mapped out what they think is going to happen, and in the case of carlisle, they turned to this couple and said ok, you are the ceos now. chairwoman and the step back from their day-to-day roles. julia: but they still have offices there? jason: they do. i co-writer on this, she very elegantly weaved this into the intro that the guys whose names are figuratively on the door and literally started the place, they are still sitting down the hall and that is probably one of the biggest challenges that the new guys face, is that it is not like these guys are off fishing or golfing or something. still very much present. even if you look at the carlisle business relative to other players, the share prices and perfo

david: moving on from tangled, joining us is jason kelly, bloombergs new york business chief. .eutschek in the news three senior people from investment bank leaving. this is getting to be a pattern. jason: here we go with the drip, drip, drip of talent leaving. you brought this up in terms of getting bad news out there but also the way these things tend to happen. banks don't always implode. sometimes, they just kind of fatal little bit. which is not to say deutsche bank is going away. david: does a fascinating piece that said this is not lehman, this is fannie mae. it's not going to be a sudden crash but as they lose money and lose people you lose confidence and someone has to step in. you lose confidence and someone has to step in. it might be the german government. we've got to be careful about it. the tone comes across as i'm not saying it's not important -- david: and i'm totally sympathetic but he has a tough hand to play and you can move too fast or too slow but you can move too slow. this is what we are in this is what we aren't. you got to get there. alix: now picking up some

david: jason kelly, thank you so much for being with us.or not to tax, that is the question the supreme court may be answering for online retailers today. , whatout tv does online, click on our charts and interact with us directly. check it out. this is bloomberg. ♪ david: you know what i am watching. alix: is it every monday? david: every monday. they've got some big cases they're going to have an one of them involves sales taxes on internet purchases. greg -- we joined by are being joined by greg who covers the supreme court for us. i put up some bullet points. take us through who was for this and who is against it. >> the people who are in favor of people having to collect taxes are the traditional retailers who say they are being put at an unfair advantage because you can buy the same products online from retailers and not have to pay the tax. go back in history -- david: go back in history. they said you have to have a physical presence in the state to collect taxes. we did not have this kind of online commerce. >> the most recent

i am jason kellie. carol: you can listen to us on radio. jason: and in london and asia. opening the magazine, we have remarks from the editor and chief emeritus. news, and bloomberg '80s. london back in the carol: he was there when margaret thatcher was helping to make london they financial epicenter back in the day. jason: this was the so-called bong, but his argument is tha brexit is poised to undo all of that. >> london before the big bang, which was the deregulation of very old, distinguished, and antiquated financial system, was sort of from hunger. hunger in the sense that everything was poor, high bound, lacking vitality, dark. london seemed darker. and what big bang did more than anything else was open the country to everybody in the world. that's really what it did. by opening itself to everybody in the world not only transformed the financial system, but everything in london. carol: there is something you wrote - you said a powerful expression, the big bang, a powerful expression in the faith to improve lives. it is something that we see challenged over and ove

jason kelly is taking a seat with kkr's copresident joseph bae and scott nuttall. ory lane, but i want to start in the -- sellers market? aott: on the whole, it is sellers market, in the u.s. in particular. we have been net sellers, especially in the u.s. and europe jason: joe, you are buying. where are you buying? kind of market, you have to be really disciplined with how you deploy capital. more like two dollars of exits for every dollar of investment. we are trying to take advantage of this high valuation environment. some of the more compelling opportunities, comply is where you get the most value with firms like ours where the operational capabilities can ree value to the table. i think the other area we are spending a lot of time in terms is usingvestment existing portfolio companies as platforms for investment. internet brands like wet and deeper the an example -- like webmd would be an example. jason: who are the competitors and how fierce is it out there? scott: the competition is significant. both financial buyers and strategic buyers. you have to have an

i am jason kelly at bloomberg headquarters in new york. a big show for you this week.we explore that city's future as a financial hub given the backdrop of brexit. we go to south carolina where we talk to the although ceo about the new plant there. what it means for that state's economy and for volvo's chinese owner.

jason: and i'm jason kelly. we are here at bloomberg headquarters in new york. eek's issue, general motors signing a winning strategy in china. jason: that's right. i don't think many people have heard of it outside of china. carol: exactly. jason: first, we get to a really interesting story about a deal that died. the art of killing the deal, you might say. a $6 billion bdeal, and a cast of characters.

let's begin with our own jason kelly. he set down with blackstone's global head of equity. how expensive is the world right now? >> it is historically expensive. we are subject to that. we have to navigate within that. fortunately, we are only making 12 investments a year out of our global buyout fund across five key geographic regions -- u.s., europe, india, china, australia and japan. we have 140 people trying to source transactions. i think we are able to find those 10 or 12 interesting, idiosyncratic situations. there is not a single industry or country where we say the wind is in our sales, environments can only improve. on mostwe have headwind of the key industries we look at with the exception of energy about 18 months ago. that has come running back and in most of the geographic regions we invest in. jason when you think about the : possibility of a recession globally and in the u.s., how worried are you and what is the timeline? joseph: looking at our 90 portfolio companies and the data we get monthly from them, i would say the economy globally is in good health. i

let's begin with our own jason kelly, who sat down with the global head of private equity at blackstoneve is the world right now? >> it's extremely expensive, historically expensive. and weubject to that, have to navigate within that. fortunately, we are only making 12 investments per year, roughly, globally, out of our global buyout fund across five key geographic regions. and we have 140 people out in the world trying to source transactions. i think we are able to find the 12 or 12 interesting, incidents, but there is no single place where we say it is time to buy, the wind is in the sales. onhink we have headwinds most of the key industries we look at, with the exception of energy about 18 months ago, but that has come roaring back. and when you -- >> and when you think about the recession, globally, and in the u.s., how worried are you that it is looming, and what is the timeline? our 90, looking at portfolio companies and the data we get monthly from them, i would say the economy is globally in good health, and i don't see any signs of that abating anytime soon, meeting in the next

joining us is jason kelly and the leader in private equity investments.orter: i'm here with henry cornell, whose name is on the door of the firm he founded. -- a real pioneer in the early 90's, we were talking about that off set. $1.3 billion. this is a big first time find. what is the thinking behind this particular poll? after going through a bit of a crisis of what to be when i we thoughtnoticed -- that using our rolodex is and accumulated decades of experience, we could create some unique opportunities, so we came together and went off to the races. there have been a number of first-time funds out this year, 12 by ourount and in the research we've been doing. what is the appetite you are sensing from people for this type of fund? henry: it is a differentiating market. wast of the dinging i got that this was a first-time fund. when you look at the color of my hair, that is an interesting comment. but we were able to convince ourselves and our investors that we would have a unique take on the market. no one had to prove themselves that we would make mon

jason: and i'm jason kelly. we are here at bloomberg headquarters in new york. e general motors signing a winning , strategy in china. jason: that's right. i don't think many people have heard of it outside of china. carol: exactly. jason: we get to a first, really interesting story t

jason: i am jason kelly. we are here at the magazine's headquarters in new york. global stories. jason: we start with israel and bibi netanyahu. this week, new news about his political travails tied to his is no spirit this is a familiar story. carol: a

jason: i am jason kelly. we are at bloomberg headquarters in new york. ite stories, justin trudeau. we spoke about how he is navigating negotiations with president donald trump. jason: trade on the forefront, we also go global with one of the most listened to voices on business and economics mohamed el-erian, and he tells us what to be worried about and what not

jason: i am jason kelly. carol: in this weeks's issue, a lot of global stories. we start with israel and bibi netanyahu. this week, new news about his political travails and business. this is a familiar story. carol: a lot of questions out there and speaking of questions, a lot of questions about the

bloomberg television executive editor jason kelly spoke with robert and carla javits.asking what exactly is venture philanthropy? venture philanthropy is a term that we've developed when we start doing this over 20 years ago. it is really taking some risk and investing in social enterprises. social enterprises are businesses that generate revenues and products and services and the people they employ our people who have had barriers to entry in their lives, whether it be addiction, incarceration, but they want to work. and so they work in these social enterprises, whether it be producing products or whether it be taking care of roads or taking care of apartments or pest-control, all the things that over 300 of these social enterprises in the united states do. instead of earning a profit, they take the money that they earn and they generate revenues as well. they reinvest in the people that they want to go help. is we havehave done taken pretty much the same approach that we have done it kkr -- at kkr. we take capital and invest in these social enterprises and help compa

jason: and i'm jason kelly. we are here at bloomberg headquarters in new york. general motors signing a winning strategy in china. jason: that's right. i don't think many people have heard of it outside of china. carol: exactly.

francine: they were at bear stearns a few years ago and you heard the history with our jason kelly.e west coast of k.k.r. francine, he's been hugely involved in california philanthropy and just one idea, the san francisco ballet he basically resurrected or even invented but george roberts, always interesting and really interesting to see the generational change. it's the toughest thing to do in private equity and entrepreneurial finance to get on to the next generation. francine: it was a good interview because he focused on his view on the u.s. economy and jason got him to talk about some of the financials and believed for the moment they're in a good place but he says banks are acting responsibly and he talks about the future leadership of course at k.k.r. as you say and regulation. tom: very good. we'll continue. lots going on right now and of course we're looking at deutsche bank and commerce bank through all of "surveillance" and there's a modest meeting going on today in quebec and maybe they'll mention the washington capitals taking the stanley cup last night and we'll contin

joining us now is jason kelly. executive editor for global tv.talk all about it. >> it seems unappetizing. >> for investors is advertising. back.s is activism coming it never went away. activism is very active right now. viagra is looking at pinnacle. .hey are driven hereby that knows am little something about conagra. they have been pushing them along as well and we are in an where food is being smudged together. it is investing into a fascinating trend here which is frozen food of all things. it is back. millennials love frozen food. >> it is not easy to get organic. do you guys use frozen food? >> we do. >> frozen dumplings. even millennials have to succumb. >> there is a lot going on in the food world. us to the next story about private equity money. one of the funds that is apparently getting some money is jad. not a fun a lot of people have heard of. they have the ryman family behind them. what is more apparent to people s an era --panera. they are in the coffee and food business themselves. billion froming $5 a whole host of investors. >>

david: joining us now is jason kelly. talk to us about this hedge fund. largest in brazil. >> your guest just before we came over here, was talking that being cautious on brazil. these guys should have been more cautious. lost almost 15% since april 30. to use a technical term, they got whacked. to your big existential question around hedge funds right now. david: hedge funds, i thought you didn't take risks, but these guys are betting. itau has aingly, hedge fund in our asset management unit. they made the opposite call, not short brazil but cautious and contrarian on a growth story. they were up 8.3%. they went the right way. julia: betting the right way. and we have this story. they went short on tech come along on value. whacked is the technical term? it is interesting because this has been a theme in 2018. can hedge funds stage a comeback? 2017 was a rough year to say the least. we got some vol early in the year which should portend well for them. this is a long short equity fund. also a terrible name. maybe that was part of the problem. pulled $6.6

we are welcoming jason kelly to talk about this. you that this going to be one of the most read stories. you can take it to the bank. there are a lot of superlatives you can't go around michael milk and, he is one of the most important financiers in the history of wall street. you go back to the 1980's, he effectively invented a junk-bond -- david: and serious academics on his side have said he created instruction. destruction.ated x he was the king, from his shaped desk in los angeles. the visuals on this are amazing and people remember this time. may also remember it was one of the most dramatic falls in the history of u.s. business an d global business. alix: the majority of traders at goldman sachs are just out of college, so walk us through the 1980's and why this is a huge turnaround. >> briefly, the junk-bond becomes the financing the equal of choice for corporate takeovers and michael milken is at the center of that. ultimately, they go out of business, michael goes to jail, as david mentioned, for securities fraud and tax f

joining us is jason kelly. i have to say i have a soft spot for this 1mdb story. s because he understands it. jason: you are a small category. david: they raised money for a sovereign wealth fund and it went into a lot of people's pockets. to trips a continues and drop, you have to go back to the idea for an half ill you dollars is the money we are talking about -- four and a half million dollars is the money we are talking about in the fund. it touches the u.s. and bank accounts, which is a good money story. david: movies, wolf of wall street got financed with it. jason: even yesterday on the bloomberg there was a great photo of authorities holding up these bags and now we come to goldman bankers, a fancy lunch. it just gets more and more cinematic. --id: we know what have are whatever happened to the money, goldman made quite a bit on the fees. there was this lunch at this restaurant in singapore where they all got together and issued bonds and quickly found out -- showed up in a swiss bank account. alix:6 clients they were trying to pitch at this lunch. david: n