This is Bloomberg Business Week. I'm Carole Masser and I'm Bloomberg Quick Takes Tim Stanovk. We're here every day bringing you the latest news from the world to business and finance, plus technology, politics, economics, all purtnising the power of Business Week reporters and editors, not to mention our journalists and analyst in more than one twenty countries. You can download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com.
You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio or watch us on YouTube search Bloomberg Global News. A couple of headlines when it comes to COVID J and J leading or should say, seeking US backing for booster dose if it's one shot vaccine after data showed it provided strong protection. We've got that going on. We have JP Morgan Chase banning business travel and in person meetings for unvaccinated staff. So, as
always Tim, there is a lot going up. The sticks work, do the carrots work, that's the question, or a combination of both. Let's see though what our next leader has to say. You might recall we recently talked about billionaire investor Leon Cooperman making a hundred theion dollar donation to St. Barnabas Medical Center and Livingston, New Jersey, the largest gift to a hospital in the state. Well, Barry Ostrowski is presidency you at r w J. Barnabas Health and so
the recipient of that donation his organization. He's on the phone in Livingston, New Jersey. Barry, nice to have you here on Bloomberg Radio. How are you. I'm great pleasure to be here and I thank you for the invitation. Well, it's great to have you here. First of all, we do want to talk about the donation. But you know, front and center, you guys have been dealing with COVID, like any healthcare institution. How are things going well? They
seemed to level off. You know, we really evaluate what's happening by based on how many people need to be admitted to our hospitals. At the height of the pandemic, we had eighteen hundred in patients throughout our system. We're now down to about a hundred and sixty, although we were down far lower eight weeks ago. But most of those people, while six don't require ventilator care and are not in our I c use, and I must say that plus percent of them were unvaccinated, so I think
we've seen the inpatient level off. We continue to get, of course, folks who convert to infection being treated with monoclonal antibodies, or frankly with weak cases just staying home. UH. And we are, of course insisting that all of our employees are vaccinated. We were the first in New Jersey to announce that requirement. UH. And I'm delighted and gratified
that we're well over of our employees vaccinated. Now there's another two weeks in the in the duration of the required time UH and I think we'll be in pretty good shape at that point. What happens if you don't for the folks who for that three percent or the last percentage of folks you vaccinated, I'm sorry. Yeah, Unfortunately, they will have to be separated from the organization. I don't expect it to be a big number. And frankly,
in today's world, losing anybody is a burden. UH. And I must say, well, we disagree perhaps with their policy on vaccination UH and their personal choice on that. These are people who have sacrificed UH in order to provide care to our employees at every level, of our patients, at every level of our organization. So it's it's really an unfortunate set of circumstances, but we do need for
the safety of everyone folks to be vaccinate. Hey, Verry, I want to talk a little bit about planning because as president and CEO of our w J. Barnabas Health, I mean, this is something that you have to be thinking about anticipating what happens this quarter, what happens in two How do you plan for a capacity when it comes to COVID? I mean, what are you thinking a realistic number of people who will be admitted is going to be are we getting Basically, it's another way of
me asking if we're actually turning a corner on the pandemic. Well, I think we are, and it's a great question. I think right now in our sites is a concern about the period immediately after Thanksgiving. Uh, those are holiday events where on for ginerally we would expect people to become infected because of close proximity with many people, and so we may see that inpatient number tick up, but I don't think it's going to exceed the two mark in
our view, perhaps a couple more than that across our system. UH. And again for us and for our other patients, the key is will we be able to operate by providing services to non COVID patients and the worst of it, we had to cretel or frankly stop those services. We don't see that happening again, at least, of course it's our fervent hope, but we really don't project that. So save that holiday period potential for slightly more folks in
the in the institutions. I think we have reached the plateau and as you point out, perhaps turned the corners, so that certainly Q one of next year, I think we'll start to see those numbers come down, uh and get back to a more normal environment for our health care facilities. Keeping my fingers cross, because I've been nice to be much more normal. Hey, listen, just got a couple of minutes left here, Barry Um. This donation from
Leon Cooperman. Leon Cooperman obviously a very familiar uh individual to our Bloomberg audience. It's a big donation, a hundred million dollars from the Cooperman Family Foundation. What does that mean for your hospital and your organization. Well, well, of course it's unbelievable. We're gratified by it. I couldn't be happier. He's been a good friend for decades. I have to tell you. The money is important, no doubt about it.
But the fact that he's endorsed our plan for the institution and our system in general, and he's reinforced our commitment to the mission and now through this gift we can accelerate that those mission objectives is very important to us. He's a thought leader, and I know you believe the same about him. Uh, And that being a thought leader in terms of its impact on others who might become donors.
But his endorsement of who we are and what we do this way is just an incredible active philanthropy on his part, and for us reinforcement beyond anything we can we can really describe. How much do you rely on gifts like this in order to operate and also for capital expenditure for the hospital, Well, we rely on it because, of course, we we don't have the ability to raise equity in terms of sharehold share sales. We do use
publicly traded debt. We recently raised some money there and we have a strong operating cash flow, but in order to address all the capital needs of the organization in a timely fashion, these gifts of philanthropy are critically important. Eventually we would be able to build a new facilities, attract the new clinicians, put in the new technology, but it would take much longer and frankly be more expensive
by the time we got there. So philanthropy at any level donorship in general, enables us to accomplish that which we want to UH in unaccelerated fashion. Well, thank you so much for finding time for us, and it's really great to check in with you. UH and be well and safe to your entire team. Barriot Ostrowski his presidency at r w J Barnabas Health. On the phone from Livingston, New Jersey. This is Bloomberg Business Week with Carol Masser
and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. So Tim, this is the top are most read on the Bloomberg. He talks about the FED under great greater scrutiny from both inside and outside its walls. That's following revelations about market trading by some senior officials that happened back in
UH Senator Elizabeth Warren. We're gonna hear from her a little bit later on on this Yeah, she'll be live on Bloomberg Radio and television at four thirty five Wall Street time today, So in just a little while, Yeah, exactly, So let's get an update on the situation. Kind of set the stage. Bloomberg News Federal Reserve reporter Matt Bosler joins us right now on the phone in New York City. So, Matt, you know, there's a headline that talks about, you know,
more scrutiny for the FED. Are they really under incredible pressure? And most importantly, is the FED chief really under pressure? And might his job be at risk? Yeah, it certainly
seems that way, Carol. I mean, it's kind of hard to disentangle everything that's going on right now with these trading disclosures, from the ongoing question of what President Joe Biden is going to do in terms of the decision he has to make about whether to renominate Jerome Powell for another four years of fedhair and so um, certainly that is one of the main reasons why this continues
to grab big headlines. Obviously, with someone like Senator Elizabeth Warren gunning for Powell, trying to prevent him from being renominated. She's really latching onto this um you know what's quickly becoming a widening scandal related to some of these trading activities that these beneficials were involved in last year. Well Man, help us understand the structure of the Federal Reserve and to what extent if you think about it, the FED
chair Powell sits the top. And indeed, like with another organization, a company, perhaps uh the person to top the company would say, okay, yes, the buck does stop with me. I am responsible for the people who are below me, at least on an organizational chart. Is it Is it like that with with the Fed? In these officials it
is um. You know. One interesting thing that we always talk about with the Federal Reserve in particular is that it has this kind of quasi public private structure where you've got the Board of Governors in Washington, d C. Which includes obviously FED Chair Jerome Powell and uh FED Vice Chair Richard Clarida, who is the latest to be
drawn into all of these questions surrounding his trading. And then you've got the reserve banks around the country that are somewhat set apart from uh, you know, the DC operation and and that's of course where this whole story got started a couple of weeks ago, and so um, you know, it looked like uh Powell certainly had more deniability a couple of weeks ago when this really seemed to be an issue related to the Reserve Bank presidents,
the former presidents of the Dallas and Boston Feds. Now, when you're talking about the vice chair whose office is down the hall from the FED share right, it makes it a little bit harder to um, perhaps distance yourself from that than it was before. This is the first time that this has been an issue with beneficials. Is certainly the first time I can remember, you know, in my time in the ten years that I've been covering this. Now.
The one thing that people do uh like to recall lately with this story is, um, you know, what happened in I think it was two thousand nine, um, after the financial crisis, where you had a member of the Federal Reserve Bank of New York's board of directors who got a waiver to trade in Goldman sax stock during you know, in the fall out of the financial crisis, and um, you know, those boards of directors at the reserve banks aren't actually involved in policymaking, right, they don't
attend the f C meetings, they're not, Um, they have no say in what the Fed does with policy. But even that situation was enough to um precipitate new rules around that kind of trading that you know, then made their way into the Dodd Frank legislation that was passed thereafter. And so um, certainly, you know the President would seem to suggest that there are going to be changes as a result of this whole thing. Yeah, I do feel
like that there was a kind of untold rule of ethics. Um, when it comes to write to him, it just feels like you're at the FED could be very careful. Yeah, it's surprising this all came out at one time too, exactly right, It's not just one. It's been three cases now at this point. Matt, thank you so much for
getting us up to speed. Bloomberg News Federal Reserve reporter, Matt Bosler, you're listening to Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Stenovic on Bloomberg Radio. So this story also among our most right on the Bloomberg Today. It's in the upcoming issue of Bloomberg Business Week magazine out later this week. It's tim about Facebook, HP nev artists, a few other big corporations who are finding a very novel way to pressure outside council. Well.
Joining us now to talk all about it is Ellen Milliken, legal reporter at Bloomberg News. She joins us on the phone now from London. Joel Weber is editor at Bloomberg Business Week. He's with us in the Bloomberg Interactive Broker studio. Joel. Uh, there is a problem when it comes to diversity at elite law firms. Maybe this is like the other Facebook story. There's this other one that's you know, clearly interesting, and
this one is as well, but for different reasons. Uh. So, everybody knows corporate America or even bigger than America, global corporations have a ton of outside council. Uh. It tends to be fairly white and fairly male. And Facebook, uh, HP novartists um are among companies that are trying to put pressure on outside legal to diversify and have it have different types of lawyers representing them and working on
their on their projects. And to do that, they're willing to maybe withhold some fees, which I think is a you know, if you want to get somebody's attention, like you know, withholding a paycheck will probably get them to listen up, Ellen, how's that working out well? These companies are definitely serious about this as well as withholding fees. They have said that they will redirect their work away from law funds you aren't up to scratch on their diversity and give the work to UM law funds which
do have the adequate diversity. And their demands are quite high. FACEBOOK requires half of the lawyer to be diverse, and that's gender, race, UM, sextually urity and also disability as well. UM and nevatism HPO also asking for this and and there they are among quite a large Posit's actually increasing and law firms are taking this seriously. They have to write like their profits UM hang on their relationships with their clients and the works that they get UM and
especially when it hurts the partnership level. They take an equity cut of the profits of the law fir profits teacher, so it could it eats into the balance sheets of the law firm. That eats into the into the pay that the partners takes the end of the year. Yeah. You point out in your piece that last year Facebook spent one point six billion dollars on legal fees, settlements and fines, and I got a feeling like that perhaps might go up after this week. Might be an opportunity here.
Um So. So, there's a lot of companies that I mean, we we mentioned some big ones, but there has been an attempt to actually out this problem before. You mentioned in the story of hundred and seventy companies sent a open letter to law firms criticizing that lack of diversity. I'm curious did that Did that work though, or do they have to resort to, uh, you know, more painful methods. Yeah.
So those companies who signed up have taken a less threatening approach than placement of artist and HP um there approaches more that we will slap your hand and we might redirect work, or or simply if they have ten law firms for examples, saying we can we can carry out this litigation or m and ada or whatever it is, they will pick the law firm with the best diversity. Um so. So, one one of the ducas instat your Anglo Americans said, it's more about encouraging law firms rather
than set them. Um. But I think everyone recognizes in the data that not much has changed over the past five years. Partnership level still one in four partners of women across the US UK UM one in ten partners from an ethnic minority in the US. So people recognize that this is slow. Um, there are commitments in place, but I wouldn't be surprised if more companies follow with Facebook, Artist and HP if it's change doesn't have to do Yeah, And I find it interesting, as you say, the companies
pushing change are they're not necessarily models of diversity. So to do as I say now as I do essentially, which to me is like there's anyone better. We're gonna hold your money because you need to be better and we're working on it. But you know, it's it's incredible. So as a result of this, though, however it may happen, is it bringing about changes in law firms global law firms. Yeah, so the data we've seen, that's change happening in the
lower roungs of law firms, So trainees, new cohorts, and associates. Um. Actually the gender split in those junior lawyers of fifty fifty um and almost fourty centers on the associates that us um um, we're people of color last year. Um. But as I said before, it just dramatically drops when you get to partnership level. And that's a really crucial um essential data points because partners control the relationships with the clients, they get an equity cut, um, and they
run the law firm. So um. It does take some homes decades for lawyers to be in a law firm before they get to into partnership level. But that's really the area where we haven't seen much moving over the five years plus, and that's really the area that law firms really need to start pushing and promoting more people have come color, more women into those more senior positions.
What about the other end of the pipeline, law school and training, specifically, how law schools are doing with diversity and producing those lawyers who can then go and work at these firms. Yeah, so that's actually they're doing much better. Um. The pipeline of young lawyers that she kind of gives gives them hope to this whole situation. Um Um. The
diversity among those new cohorts is so much better. Um. The unfortunate thing is that, um that before lawyer becomes client placings, they will actually get higher up the law firm. So even though a law firm might have good diverse representation as a whole, what these fans facebook of architics, We really care about the lawyers on their matters. So the more senior lawyers who have come into the office represent them and corps who helps them sign the M
and a deal, that that's who they care about. That's who they want to see more diverse representation in. So I'm also just curious is that how do the US and the UK compare? And you have some numbers in the story, but it is one improving more than the other. Um in in you know what what kind of country dynamic is that play here? Yeah, so they're actually pretty and on gender split, as they said, it's fifty fifty across the base markets. Um, the US does do better
on racial diversity. Um they have also the US has a big population of of black people for example, in the UK does Um, but um, it's it's pretty even across I think looks firm. You know, huge UK law firm will have quite a big presence in the US and vice versa, so I'm not surprised. And these companies are European based on the US based, and they have broaches all over the globe, so I'm not surprised that it's actually quite a similar picture across this Well, let's
help us the pipelines improved. Maybe it will move all the way up the ladder. Hey, interesting story. Ellen Milligan, Legal reporter, Blomberg News, obviously joining us on the phone from London. There. Check out that story in the upcoming issue a Bloomberg Business Week, also online at Bloomberg dot com, Slash business Week and on the Bloomberg terminal, Chilweb or editor Bloomberg business Week. This is Bloomberg Business Week with
Carol Masser and Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio. All Right, I just heard an interesting fact, toy. This is what I love about working with Tim because he's like, yeah, we talked with Kyle's Stock earlier about this story. He worked on this story for a long time, doing other things too, doing other things too, But this story is a long time in the making. It's all about Rivan Rivvy and it's the maker of electric vehicles. It's backed
by Amazon dot Com and Ford. You know, it filed for an I p O. We got that news after the close on Friday. Let's bring in Kyle Stock. He's Bloomberg new senior correspondent. Uh, and he's on the phone in New Jersey. Nine months. It's a long time to work on a story. Sorry, he told me. I should have told you, Carol, He told me that off fair. Sorry. It wasn't a straight nine months. It's just a little bit every day. You know. It's like you're on baby, Kyle. Okay,
that's what I can think about exactly. It's been a messy road though, as you write, Um, tell us about your reporting. Yeah, I mean what was really cool is, uh, this was start up and it was really startup. Bat. You know, we hear about these billion dollar unicorns all the time that seeing, you know, manifest destiny, that they come into the world with this idea just set in stone and they just make it happen and everyone loves it.
And this was not that. You know, this is a story of a brilliant engineer who had an idea and it didn't work out, and you know, he scrapped and he pivoted and tweaked and stretched his team and laid people off and almost went out of business, and then tried to idea number two, idea number three, idea number four, and then you know, finally got a small investor, finally got a little bit of a lifeline, and everything started clicking. And here we are expected potential I PO around Thanksgiving,
which would value the company at eighty billion dollars. And I want to contextualize eighty billion dollars in terms of market caps, specifically for a car company, a little company called Ford that has been doing this for you know, more than a century. Uh market tap about fifty some billion dollars. Kyle and Jim just and GM just under eight billion, seventy nine billion and change. So that's a big, big there's a big bet on the future, right Yeah. And it's about that, you know, they can have a
tesla like trajectory UM. Interestingly, you know, I think the founding team here is a lot in a lot of ways, you know, very different and maybe even smarter than Elon was in the early days. UM. And they certainly gathered you know, a war chest more quickly. You know, there's some there is uh, sort of some baked and success with Jeff Bezos behind you. Um, but expectations are very high and they are still just figuring out how to build these things. But I mean they're literally just now
coming off the Lee line for the first time. So as you say, you know, if we think about Tesla, there are a lot of naysayers and there are a lot of things that he had to overcome and figure out. But here we are. Is it fair to make the comparison, I mean, could we potentially be looking at uh a new car a car maker in the ilk of of Tesla and uh, I mean time will tell, obviously, But
what are you hearing from folks who follow this industry? Yeah, there's, um, the general consensuses this is still you know, a totally new thing that no one's seen before, and an electric truck like a big rig that is also totally green. Um, so there is that kind of you know, sort of wow moment to it. That said, the lane is getting narrow really quickly, so they'll be first to market, but by a couple of months. You know, Ford is an electric pick up in the works. Jenal Mower says, this
GMC hummer, which is even more expensive. So the sort of strategic coup that Rivan had that RJ. Scrims had four or five years ago was great. But um, you know, they were delayed in production, They're they're getting the market later than they hoped, and their first mover advantages dwindling. So it really comes down to whether they get this cult status that Tesla has, um, and that is really
anyone's guests. Um. You know, they're very precious about the brand, how they promoted it, about you know who they have as a you know, Instagram influencers tied in and so that it could happen. They're definitely being very careful about it. Um.
But that's that's sort of the big question. Hey, Kyle, take us back over the last decade, because I think your thesis is is really important here the idea that the only reason Rivan isn't on the scrap heap of automotive history and there look, there are many American car companies that that are is its adaptability. Uh, what were some examples of earlier versions of Ribban autos that there are no resemblance to what the company is going to start offering soon. Yeah, So Scurrnge was he was a
car guy I talked to. Part of my exercise was calling all his old M I T. Classmates and they all said, you know, he was into driving. He was in the sports car. So it's first. His first baby was this very small, very affordable, very efficient sports car. And his model was the Lotus a lease, which is kind of a driver's car. It's kind of Porsche like car without the price tag. And that was his first idea. UM.
There was talking about it being a hybrid or not hybrid. Um. Ultimately, when they built a prototype, they just put an engine from a Mini Cooper in there just to get the thing running. Um. So that was the first one. And then he pivoted and said we should go up scale, which maybe do a more extensive sports car, and and and the pitch would change based on which investors he was talking to, which potential investors um and what they
might like to hear. There was even sort of half an idea to do a race car for the guy in Brazil, and then he ends up in the desert in Saudi Arabia through a contact at M I T. A LJ coming to a streaming service near you very soon. I mean, it's really it's kind of wild. Well, you know what I want to ask you. I mean we just got about thirty seconds. Is he a car guy? Is he an engineer? Is he a tech guy? Because you know cars are increasingly about technology. Um, just thirty seconds?
What is he? You know, he's he's an engineer first, he's a car guy second, and he's probably a better tech guy than most tech guys out there. He's an absolute poly map. Um. But he's everyone I talked to you said, he's primarily an engineer. He's just interested in the idea and the meritocracy of that, and that's what may it work. We shall see. They filed for an I p O. So they're coming and the backing of AMAS on, which I think is really significant. Yeah, exactly,
Well nine months it was worth it. Thank you so much, Senior correspondent, Bloomberg News on the phone from New Jersey. Another new issue potentially, Yeah, exactly. Um. Check out this story. It's available at Bloomberg dot com. Just a fantastic deep dive into all things Rivian. I'm roa yeah, but you let me drive? Oh no, no, no no, this is not a twin. All right, please, I'll do the dravel I want to drive. Good question. This is the Drive
to the Clothes on Bloomberg Radio. All Right, folks, we've got jumped about ten minutes left in today's trading session. Let's talk about it. Let's get to the drive to the close. And Miletti is back with us, head of Active Equity over at Wells Fargo Asset Management six hundred four billion dollars in assets under management and total. She's with us on the phone from Milwaukee, Wisconsin. And how are you. I'm good, Carol, How are you hanging in there?
Hanging in there? Uh? Feel a little whipsade based on the market trade because depending on what day, you're either up or you're down by more than one percent, especially on the S and P. What does this tell you? I mean, volatility is back, but is there something else going on that we should be aware of as investors? Well, I think we've gotten a little bit spoiled. Um. You know, I read someplace today that um, it's been more than
nine months since we've seen a five percent correction. So that's the longest time, the longest streak since nineteen seventy. So I know it's I know it's been a long time, but since nineteen seventy. That's UM. That was a surprise to me. UM. What does that tell you? What does that mean? Well, confidence really has been around, and it's not surprising. Right. Economic strength has been UM. It has been in place, with people back to work, people back
to business. UM, business is reopening. We know Delta probably has peeked, so that while that brought a scare, kind of a secondary scare into the market, it wasn't enough to really hamper consumer confidence in business confidence. So I think what's changed, though, is the competence in global growth UM with the challenges we see out of China. We also know that we have the said likely to stop
asset purchases in November. And then we also know that there's some wavering on whether inflation is transitory or not UM that coming directly from the side now to not just from investors, and so all of those things I think are creating more volatility in the market and more uncertainty. Although you know, the economy seems pretty strong, are still UM in a good position to spend. Rates still remain low, so there's a lot of positives, but there's there's more
grace guys out there. I guess the days are getting a little bit shorter, just much like we're seeing. Yeah, yeah, that is. That is certainly the case here in New York as well. And I'm wondering though about something that Carol referred to. And it's sort of like the the indecision of the market right up down, up down up, uh, you know, for the last five days with an excess of one percent. It's it's sort of like if we were talking about a single stock, we'd say the stock
really doesn't know what direction to trade in. Are we seeing that on a market wide basis? And why? I think it's not a usual for volatility to pick up. And you know, UM, market doesn't like to make it easy on investors, right, I mean very often, you know, I get asked. It's not uncommon for people to ask would you buy on the dip? And um, it's not easy to do that. It's never easy to say, go out and buy. And so the last couple of days
it hasn't felt good to go and do that. But again, with a lot of the dynamics in the market being so strong, with revenue growth being so strong, yes there's pressure on the supply train chain, but demand is incredibly strong. Yet there are things out there that investors want to buy. So I don't think it's unusual to see this volatility.
I think we're going to continue to see more of it as you're going to see some good news flowed by some news that's questionable and it feels like it's explainable, like when you say that revenue growth is strong and our Gina Martin and and has talked talked a lot about that too, that when you look at top line growth expectations for companies, especially as we get ready for the next earning season, you know those are staying put? Are you know they're high or that we're seeing growth
or they're being raised. It's when you start looking at the balance sheet and you look at some of the cost side of things. Um, but we can explain that away and it will go away provided those supply chains, you know, rebalance. Can we assume that they will rebalance or is there something much more structural going on in our economy when it comes to supply chains that maybe
we're missing. Yeah, I think that is a million dollar question because if we were talking a year ago, Carol, I would have said we would have worked our way out of the supply chain issues by now. But you know, UM, what we haven't seen is demand tapering off. Demain demand remains strong, the consumer remains kind of relentless. Us they're in good shape, the balance, their balance sheet's remain in
great shape. And we continue to see shortages of labor in the supply chain, right so, you know, truck drivers UM remain a huge challenge as well. So and certainly on UM factory lines there's labor challenges as well. We see that in the Midwest as well as other places. So there are things that are fixable, but I think there are some structural challenges with the supply chain that may not get fixed. What I'm most worried about is how long will consumer confidence stay strong? Are there things
that are going to challenge consumer confidence? Right? So, while their pocketbook might feel okay, that might get challenged if we continue to see the things like higher energy prices UM, that's going to sting over time, if commodity prices and other things continue to rise UM at a rapid rate. Hey, and just in the last thirty seconds that we have with you, how long do you see those challenges persisting? Lack of workers and look, um, you know, actually the
troubled getting workers the struct drivers you talked about. Yeah, I do think it is something that's going to take a good part of next year to continue to fill. Um there are you know, there's no shortage of ways that companies are trying to bring those workers back, but it hasn't been that successful and so um it's going to take a good long time to do it, probably
through the end of next year. Okay. Griffin of Citadel says that maybe it stid for the President to give an address and it's time for America to get back to work. He certainly was pretty strong with his message. All right, and thank you so much. Ama. Letty, head of Active Equity over at Wells Fargo Asset Management. Thanks
for listening to Bloomberg Business Week. Download the podcast on iTunes, sound Out, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us on YouTube search Bloomberg Global News m