I am pleased to have him here for the first time. Welcome. Let me pick up on your quote. The world is more dangerous than it has been in a generation. Tell me what causes you to say that. Mr. Stoltenberg it is the combination of so many different threats and uncertainties at the same time. We have the proliferation of Nuclear Weapons like we see in north korea. We have terrorism and turmoil close to nato borders, but also in our own streets. We have a more assertive russia. All of this together has created a much more challenging and difficult security environment than we have seen since the end of the cold war. Therefore, nato has to adapt and change to be able to manage and handle it. Charlie i want to talk about all those things. But first, speaking of the russians, what do you make of the war games they are doing in belarus . Brian mr. Stoltenberg russia has the right to enforce its borders. We dont criticize russia for conducting exercises. The important thing is it has to be transparent. It has to be predictable. When there is more military activity and exercises close to borders in a situation with higher tensions, there is the risk for miscalculations, for incidents or accidents. If they happen, they can spiral out of control and create really dangerous situations. We have seen before russia has used military exercises as a disguise for launching aggressive actions against neighbors as we saw in ukraine when they illegally annexed crimea. Therefore, exercises, that is part of what every nation do. But it has to be transparent. We call on russia to be transparent and invite International Observers and tell the rest of the world what they are doing. Charlie a couple of questions about russia. It is a fair appraisal the president of russia, vladimir putin, has significantly modernized the Russian Military force. Mr. Stoltenberg yes. We have seen the development over several years, since 2000, that russia has tripled defense spending. Tripled defense spending in real terms. Invested heavily in more modern capabilities. Exercised much more modern and large formations of troops and forces. But most importantly, they have used military force against neighbors. We saw that in georgia in 2008. We saw it in ukraine in 2014. That is the reason we have responded by increasing the readiness of nato. We are tripled the size of the Nato Response force. We can quickly reinforce an area if there is a need. But also we have increased our military presence in the eastern part of the alliance and deployed groups to the baltic countries and poland. Charlie how would you assess the readiness of the nato forces today . Mr. Stoltenberg our readiness is high. It is the combination of increased presence in the baltic region and poland, but also in the southeast in romania and bulgaria with the increased capability to reinforce troops and forces quickly to provide deterrents, which is the key task of nato. We dont deploy forces to provoke conflict. We deploy forces to prevent a conflict. As any adversary knows, an attack on one ally would trigger a response from the whole alliance. We are the Strongest Military alliance in history. As long as our deterrence is credible and it is all for one and one for all, we will be able to continue to preserve peace. Charlie if russia were to attack one of the baltic countries, nato would respond immediately under article 5 . Mr. Stoltenberg absolutely. That is the reason we have deployed Multinational Forces led by the United States, poland, united kingdom, estonia, germany, and canada, and many other nations are contributing forces. By having a multinational nato presence in the baltic countries, we are sending a very clear message that an attack on one of those allies will trigger a response from the whole alliance. At the same time, nato does not seek confrontation with russia. Russia is our neighbor. We dont want a new cold war oh. We strive for a more constructive relationship with russia. I have seen that it is possible to talk to russia, to work with russia but that has to be based , on a predictable, strong approach. If we have the strength in nato, then we are able to engage in political dialogue and diffuse tensions between nato and russia. Charlie nothing seems to concern president putin more than nato on his border, the idea of ukraine or georgia being a member of nato is a subject which he becomes passionate against. Mr. Stoltenberg at the same time, it is an absolute principle and right of every nation to decide its own future. Russia was also against the baltic countries joining nato. But the baltic countries decided through the democratic process they wanted to become members of nato, and became members of nato. When it comes to georgia and ukraine, it is up to georgia and ukraine to decide their own path. And in the end it is a decision by the 29 nato allies and the applicant country to decide whether they qualify and meet the standards necessary to become a member. Russia does not have the right to interfere or try to defeat such a process because that is an attempt to reestablish world order with spheres of influence where big nations like russia try to decide the future of neighbors like the baltic countries. Again coming from a small , country in norway bordering russia, it is absolutely unacceptable the idea that big countries can decide the future of small neighbors. Charlie as you know, President Trump in his campaign to win election as president of the United States had some interesting comments about nato, at one point calling it obsolete although he has , subsequently seems to change that. He consistently said nato has to pay if they are share in countries other than the United States. The benchmark seems to be 2 of gdp. What is the relationship now between america and nato . Has it gotten through those criticisms from the president . Mr. Stoltenberg yes, because President Trump has clearly stated to allies, to me, in meetings at the white house and in brussels, that he is committed to nato. The United States is committed to nato. Not only in words, but also in deeds. The u. S. Is now increasing their military presence in europe for the First Time Since the end of the Second World War. Charlie nato welcomes that . Mr. Stoltenberg we welcome that. There is a new armored brigade from the u. S. Going to the eastern part of the alliance. After many years of decrease of the u. S. Military presence after the cold war, now we see an increase. I think it was right to decrease when tensions went down but also the right decision to increase when tensions are going up again. At the same time, we see european allies are stepping up. Burden sharing is absolutely something charlie there has been a response to the president s criticism about everybody paying their fair share . Mr. Stoltenberg more european allies are paying more. We see that across europe and canada. Investments in defense is now increasing. The good news is more nations are reaching the 2 target. Even those nations who have not yet reached the 2 target, 2 of gdp on defense, they have started to increase defense funding. After many years of a significant decline in defense spending, after 2015 we are seeing a significant increase. Charlie speak to the challenge from north korea and iran, how you see it, how nato sees it. Mr. Stoltenberg when it comes to iran, it is absolutely unacceptable what they do. We need maximum pressure on north korea to reach a political solution to the crisis. Charlie what did you think of what the president said today about increased sanctions, including a chinese bank . Mr. Stoltenberg i welcome the use of sanctions because i really believe we need to find something in between doing nothing, which is not an option because then we watch north korea developing missiles and Nuclear Weapons, and using military force, which no one really wants. Then there is the alternative in between. That is to have strong political, diplomatic pressure on north korea combined with sanctions. Charlie diplomatic pressure always needs leverage from either economic pressure or military pressure. Mr. Stoltenberg yes. We have the sanctions. I welcome initiatives and discussions about how we can strengthen them. We need to at least implement the sanctions we have all agreed. I think no one wants a military solution. That is the reason why it is important to try to find this room in between doing nothing at doing nothing and a military solution. Charlie you believe sanctions will do the job . You believe north korea will respond to sanctions even though they have shown little inclination to . Mr. Stoltenberg i am in no way saying this is easy. I am not saying this is a straight way to success. I am saying we have to compare political pressure, diplomatic pressure, economic sanctions, unified response from the global community, compare that alternative with other alternatives and they are worse. Charlie terrorism in syria, in iraq, they have already retaken mosul. We assume they will soon retake raqqa. What is that mean for terrorism , especially in western europe . Mr. Stoltenberg it means a lot because the prospect of isil being able to establish a caliphate, a physical territory they control with huge revenues and control of the population charlie it has been taken away from them. Mr. Stoltenberg yes, and that was important because if they had that kind of territory, that could be a safe haven platform for organizing, planning, financing attacks. Charlie 9 11 took place from afghanistan which was a failed , state at the time. Mr. Stoltenberg afghanistan was at that time a safe haven for al qaeda, for international terrorists. The reason nato went in was to prevent afghanistan from being a safe haven for international terrorists. I think afghanistan shows nato is important for europe, to have a u. S. Presence in europe defending european allies. Nato is also important for the United States. The only time nato invoked article 5 was after an attack on the United States. Hundreds of thousands of canadian, european soldiers fought alongside the u. S. Soldiers in afghanistan. More than 1000 paid the ultimate price with their lives in afghanistan in the mission that was a direct response to an attack on the United States. For the United States to have friends and allies as they have in nato, it is a great advantage for the United States. Youve seen that many times. Charlie as you suggest, the president recognizes that. Mr. Stoltenberg yes, and i welcome him recognizing that. In afghanistan, there are troops coming from other allies. Charlie but as you know when , the president went to the g20 and gave some of the speeches on article 5, i hear you saying the relationship between nato and the United States is as good as it could be. We appreciate the president has listened and perhaps change his mind about the necessity of nato and being adequately funded as well. Mr. Stoltenberg President Trump first of all i am saying has clearly stated to me and allies that he is committed to nato. I agree with him that nato should do more in the fight against terrorism. We are stepping up our efforts. We do more providing Global Support for the commission fighting isil. I agree with the president that european allies spending less than 2 should spend more. Charlie you mentioned at the beginning of the conversation you had challenges you had to respond to, and you had to in a sense modernize nato to the fullest extent. Tell me where you see the biggest challenge for nato and how you hope to meet that challenge. Mr. Stoltenberg it is a combination of so many things at the same time. For 40 years from the Second World War to the end of the cold war, nato did one thing. That was to do collective defense in europe against the soviet union. Then the cold war ended, and we did something very different. We started to fight terrorism in afghanistan. We had the ethnic wars in the balkans and kosovo. Now we need to do Crisis Management beyond our borders in afghanistan fighting terrorism, and in iraq and syria. But in addition, we need to step up and respond to a more assertive russia in europe. It is this combination. On top of that, we see there are new kinds of threats. We have cyber, hybrid threats which are very different from the threats we saw. Charlie tell me how nato responds to the potential of cyber warfare or Cyber Espionage. Mr. Stoltenberg we are stepping up and strengthening our cyber defenses with more exercises and modern capabilities. We are sharing best practices with other allies helping them to improve the protection of their networks. We are doing a lot. I think the most important thing is to understand we are living in a time where there is a more blurred line between peace and war. Before, it was either peace or war. War was declared on a specific date and lasted through a specific date, and it ended. Now it is harder to say when the war against isis started and will end. Charlie there are new weapons including Cyber Espionage and cyber warfare. But also we have seen it outlined in one Research Study after another of how russia utilizes this information as a tactic in conflict. Mr. Stoltenberg yes. That illustrates the wide range of tools we need to respond to this new security environment. Before wars would take place in , a defined Geographic Area between countries. Now we have war taking place in cyberspace. We see attacks in cyberspace. Therefore we do whatever we can to not only protect our own networks but also to help allies , improving their resilience and ability to defend their networks. Charlie thank you for stopping by to see us. Mr. Stoltenberg thank you so much for having me. Charlie jens stoltenberg, secretary general of nato. Back in a moment. Stay with us. Charlie Brian Moynihan is here. He is the chair and c. E. O. Of bank of america. The nations secondlargest bank serving one in every two households. It is also emerged as a leader in Wealth Management and global banking. Yesterday, the Federal Reserve said it will start to pull back some of the massive support it provided since the financial crisis. Senate republicans announced plans to move forward on a budget that would pave the way for a 1. 5 trillion tax cut over the next decade. In full disclosure, bank of america is one of the underwriters of this program. Im always pleased to see Brian Moynihan back at this table. Welcome. Brian so good to be here. Thank you for having me. Charlie the Financial Sector is a crucial part of the american economy. We went through hell as too Many Americans did in 2008. How is bank of america different today . You made some major acquisitions. How is it different in terms of role how it sees the , future . Brian if you think about the company back then, we were more of a product company. We had a Credit Card Division whose job was to get the most credit cards. We had a mortgage division. Now we are really a customer company. We say to customers, we will help you live your financial life. We have to do three or four that means things very well. Your transaction account, your car loan, your house loan, your credit card and help you figure , out how to invest money. We are very customer focused. Everything we have been doing is to get away from the product only process toward the customer thought process. That is how we operate. Structurally, a lot more capital. A lot more liquidity. A lot less operations. About 25 reduction in size. The real change that will live on in the future is the change from product to customer and focusing in as opposed to focusing out. Charlie i heard jeff bezos say recently he does not think about competition, he thinks about the customer. Brian i think you have to think about it emotionally. Our teammates come to work every day to help people be successful and to serve them. That is a good thing and it keeps you out of trouble. If it is about you coming you tend to forget and make mistakes. You also have to think about it structurally. When you think about what a customer needs, they need to transact, buy things, and borrow. How do you weave together programs that say if you do more of this, you get more for it and get better rates . That is customer focus. I agree with jeff. It is all about that. The profit will take care of itself. You do have to make money. Weve gotten to over 5 billion a quarter. Thats good, but if you do it the right way, it has much more sustainability. That is our view. We have to be sustainable. It has to be able to live through decades. When you reach for shortterm profits, you are not sustainable. Weve talked a lot about a concept we call responsible growth. Charlie you had a big investor during the tough times named warren buffett. He is now a leading investor . Brian leading shareholder. Charlie he is also the leading shareholder in wells fargo. What is it like having a living person there who knows a bit about the world of business as your primary stockholder . Brian Berkshire Hathaway and mr. Warren buffett were fantastic. At the time, our stock was getting beaten up. We were trading at five dollars a share. He said this is a great franchise. They just need stability. They need people to leave them alone and let them get to work. 2011 you think, the crisis was in 2007 and 2008 as we but as we came out of the crisis, the residuals were still affecting the company. He saw the opportunity with great underlying opportunity. He could see market shares and a huge deposit base. He called me up and said i want to put money in the company. I said we do not need the money. ,he said, i know, that is why im calling you. It was the thing about stability. Despite the seven or eight acquisitions, what he saw was when this got on track, it would be where it is today, earning 5 billion per quarter, 20 billion a year, doing the right thing for the customer the right way. For that, he got rewarded. Interestingly enough, if you are a shareholder the po a shareholder that had bought the day before he called me, you would have gotten the same thing. He had the courage to do it in a big number. He has been terrific. Charlie what is the right balance between retail, investment banking, trading, Wealth Management, credit cards . Brian we think about it this way. There are constraints on how big you can become in something. If you look at our company about , 30 of our Balance Sheet is in the markets business. 70 isnt. , ithe markets ebb and flow is not going to have that big of an impact. 10 of our revenue comes from fixed income trading. 15 of our revenue comes from all trading sources on a quarterly basis. You have this big, stable annuity stream. This business which is valuable to our customers, investors, and corporations that issue bonds. I think we got the right mix. If you run it through all the math and all these crazy rules and applications, you kind of come out to optimizing around the capital level that is reasonable and yet you are big , enough to be a presence in the market and small enough to have capital ratio 100 basis points or somewhere under the competition because it is tough to tough. I think our mix is pretty good. What will happen next is opportunities, u. S. Versus global. The rest of the business will grow based on opportunities. Wealth management grows a little faster because people acutely wealth. We are doing a heck of a job in retail banking. Middlemarket and commercial banking is doing fine. Everything is solid and performing well. The only business week put a real constraint on is the markets because we have to keep it in check or else it starts to create requirements and rules and risk we do not want. The team does a great job handling that. Charlie how is the u. S. Economy . On the way to hand you have the imf lowing their estimate for the growth rate for the u. S. Economy. You have on the other hand the Global Economy of where do we china and other countries looking good. Stand . Brian lets back up to your first comment. If you think about every year going back, i was looking at a chart in a Board Meeting the other day. Every year, the forward projections have been too aggressive. As we went through the year, they started pulling back. The imf would pull back in the fall. People would pull back in january. It was the economy is slowing down. It was not slowing down. It was not growing as fast as people hoped. The difference in the last year is the forward projections are right. The best news you see as you come through 2017 is the i. M. F. Lowered it a little bit after the election but the u. S. To the u. S. Ought to grow at 2. 2 this year. We think it will be a little faster next year. The big difference is the world is growing faster. We think europe will have a big difference next year from two years ago. It was basically flat, maybe 1 . That is good. China is stable at 6 . India has come back and is big enough to really help. We have it almost double digits next year. That is really constructive. That is different than it was two years ago when europe was being carried by the u. S. Now the u. S. At 2 is fine. Charlie what do you think for 2018 . Brian 2. 2 in the u. S. And 3. 5 in the world. Charlie will we get to 3 . That seems to be the president s favorite number. Brian if there is fiscal stimulus and tax reform, if people are enthusiastic and confident, if unemployment is low, it will take a little kick to kick that enthusiasm into action. I think we can get in the 3 range. Tax reform is critical. You have to lower the corporate rate to make it competitive. You have to be territorial. Hard to do, but simple to say. They have to get that done. Charlie 20 mean by territorial . Vonnie if i operate around the world, i do not have this problem where i cannot bring the money back to the u. S. And use it. By having one tax rate for u. S. Earnings. Charlie what do Companies Want to see done by the government with the money overseas . They say the taxation is prohibitive. Brian i think there are two parts. They want it to be a territorial system like everybody else has. For the buildup of learning is, i think the right policy matter would be to get it to tax around around 8 to 10 to get it back here. Charlie should there be a mandate you do something with that money . Charlie brian i think money is fungible. Where i depart from some people is people will put it to work. The straightforward question is, in the alternative if you dont , allow it back, what will happen . It will stay over there. If you think about the great Global Companies we have the pleasure of serving, there is a huge amount of demand outside the United States for cars and phones. Cars in china sellers big as cars in the u. S. Now. Charlie china is the biggest market for cars. Brian it is. There is a big market. I can take i can make a car and seller in china. I dont need to have the United States involved. If it is back here, the chances are is going to do something interesting. The money goes back in the market and the investors will have to put it back to work doing something. Charlie it has become a cry of populism against globalization. Steve bannon and people who have been advisers to President Trump talk about globalists in a derogatory way. How do you see globalization . Brian i think it is the world we live in. It is like arguing the transistor radio is somehow better than all the ways we listen to music today. It is just done. There is not a question. I think the real issue is that quality and the rate of growth and how it occurs, they are absolutely real. We brought back 4500 jobs from overseas to the u. S. Because we made a decision that it was a better decision out of hand. It wasnt some big policy question. That was just a Better Business answer. We have business outside of the United States, was supported outside of the United States. I think the horse is out of the barn now. It is gone. The distinction i make is really two. We need population growth in big economies to be successful. The plain fact is the u. S. Population isnt going to grow unless we have immigration. It will grow, but not at the pace. Charlie in addition to all the other reasons. Brian that statue in the river says something, but it is also a math. When we look at countries that arent growing, what is the issue . Immigration. You need population growth to buy houses, airconditioning, cars come a whatever. That is cars, whatever. Youd charlie what is the best argument youve had for what to do about job displacement because of globalization, because of expansion of economy and countries and Companies Moving plants and facilities to a variety of different places, jobs because people are being replaced by robots . Brian the second one is a huge question we talked about this past weekend. Lets take the robots and artificial intelligence. The reality is when you look at a city, a state, a country, and you have a population, your population is in competition for work against the world, either another state or cities. So what do you compete on, talent, costofliving, cost of goods, the way you regulate business . The reality is that when you look at a city, estate, a country. And you have a population. Your population is the top petition for work content against the world, either gets or cities. Te new york versus upstate new york. So what do you compete on, talent, costofliving, cost of goods, the way you regulate business . Charlie the classic example is with the decision for headquarters for amazon. They figured out an environment where people want to work in, figured out where there is a set of lifestyle things that appeal to an Employee Base that will attract them to want to work for you. Brian that is the roadmap. When you say, what can you do about it, youve got to have a workforce that is going to win against the worlds workforce. Theres different ways to do that. Become the cheapest labor force. That is not possible. They have some natural things going for them. Then it comes down to basically the training, education, apprenticeship. There are lots of words about it. Weve got to be driving our capacity of work time, products and everything against what we are going to have developing in this country. That takes a little more planning than is done. If you look at cities, and i have the benefit of being on the council in various places, and owning a great franchise, everyone recognizes this. They have been thinking about it. How to improve the Education System so my jobs lineup with the companies that demand it on the private sector employment. How do i channel people into that so everyone is ready to have a successful career . Some may go to college, some not, but we cant have the defining moment going to college. The building is will they have a successful life . It is really focusing back to the principles that when people talk about whenever good jobs. It is not going to be through isolation. It is going to be through recognizing the problems. Charlie when you look at the tax reform proposals, are you concerned about the amount of debt they are talking about . Brian this is one of those tough things. A lot of us have been concerned about the debt levels of the ceos and financial services, but i think there is capacity. If it is rational and spent the right way. Charlie do you buy the argument that if you can reduce taxes in a fair and equitable way, and noticeably reduce the taxes of the people at the top of the spectrum, that you can create growth, and that growth is one way to leverage against the debt . Brian i think the alternative is we are seeing a 2 grind that weve got to do something to get people a little more aggressive on the business side and to some extent on the personal side. I think youve got to bring the peoples tax burden down. Youve got to do a lot of work there. Youve got to get through the system. At the top of the house there will be a little bit of relief, but that is not as important as giving broad relief at the personal side. On the corporate side, they just have to drop the rate. Because at the end of the day, it is the nature of business that we are following clients so we dont have as much location decision capabilities. At some point a ceo is saying, i dont make decisions for tax. The make decisions based on other things. We never talked about the robots. Charlie we never talked about the robots. Charlie go ahead. It is pure operating cost. Were working on changing the work product. We had 280,000 people in 2010 when i became ceo. We have 210,000 now. By managing the impact overtime charlie how many of those were because of technology . Brian it would be hard to say. In some sense, all of them are. I dont mean that as mathematically precise, but in some sense you have paperbased processes, inefficient processes, and use technology to improve those processes in sit of replacing workers. Instead of replacing workers. It just made them more effective. But our volume is going up. Were not saying the company has shrunk. My view as a ceo is ive got to look at that further and further out. We will hire 8000 people this quarter. I get 8000 opportunities not to hire somebody that i can actually shrink the company, and if you plan ahead i think we are going to work through this issue. It is going to keep coming at us. Companys growth, if any, comes from the regulatory structure coming from doddfrank . Does that really hurt your bottom line . Examplethe previous where we had 10 factories and we had to leave three idle. Thats really the biggest impact. If we have 30 of our capital cant take any risk, if he said lets make that 20 , that extra 10 would be 150 billion of loans. Secondly, we would probably get slightly more aggressive to produce loans. Third, you also matchup the Business Community probably pushing a little harder. Youre not going to be able to pinpoint and say, if i change that rule, a huge amount of activity. If you change these rules, we will be able to spend more on other stuff which might be more constructive, but that is not the drill. What you say is if i do this, does manufacturing instead of buying equipment try and squeeze it into a manufacturing facility that is really the challenge for the fall. I think it is time, if we dont kind of silver promise, that is the challenge for the fall. Charlie what is the relationship as far as you see it between the Business Community and the administration . That committee was put together and then some people dropped off because of charlottesville. The Corporate Community, the majority responded to the president withdrawing from the paris accord by saying, we oppose that idea and we are going to continue to use the same kind of standards that we believe are necessary. Two basic challenge of climate change. To face the challenge of climate change. Brian exactly. Lets focus first on the paris situation. I signed a letter. It had been so many years in the making that got people to commit to the goals. I still think it is right to stay in. I dont make the decision, but we are clear on that. Thats because of how we drive the company. We have environmental commitment we will be halfway through at the end of this year. When i talk to my peers, we are all doing what we doing because we believe it is the right thing and we believe it is going to happen. How use power and renewables s, how wenrenewable invest in things, how we finance solar panels, wind farms, and help support the more efficient cars and things. Weve done all this. We get our employees a 3000 credit we gave our employees a 3000 credit if they bought a hybrid car. That program went on for a few years. Weve done a lot of things. But the corporate world is doing it. Ive always said we were doing this before and i think our First Program goes back to either george w. Bush or before, and we we doing after. And we will be doing it after. We cant say in the u. S. And europe and china and places that have developed economies, hey, you in those developing countries cant have them. That is arrogant, unfair, and not right. How do we help those countries develop a different path . That is a lot of what the u. N. Was about. The people with the money, the power, they have to figure out how to get some places up the power curve literally without going down in fossil fuels. Im not a big believer in you have to fix us tomorrow morning, you cant. This tomorrow morning, you cant. With time we can change behaviors and patterns. If we get those countries not to go down secretary mnuchin in the works on the change in policies and rules, they were very constructive with the industry. They brought everybody in, people investing in companies, and said, what is the right answer . We are not looking to change this thing for kicks. We are looking to get the right answer that will not lead to a crisis again but doesnt go too far. Keeping with the shirt analogy, i looked in my closet this morning and these people keep giving me tshirts. Ive never gone back to figure out if i need all of these tshirts. Thats really what they are saying, go back and take his stack of tshirts you have never warning given to somebody who will use them. Theyre not saying get rid of all of them. They have been very rational and very thoughtful. They put it out there for everyone to see. Charlie it is interesting in terms of Something Like daca. The Corporate Community has spoken there too. Brian personally that is more of a fairness question. Not a huge issue for any company. It is a Company Values issue. I dont put myself in front of the company. People have come forward in our company, getting free legal representation so they can be represented in the system. To me that is a fairness question. The broader immigration question is a different question, in that that is a talent and growth Acquisition Program that i believe has to be managed properly. We will do a lot of work on Cyber Security and terrorism and finance and figure out how to help our country apply them. Charlie you are the primary underwriter for the cannes burns series on vietnam the ken burns series on vietnam. How you make a commitment like that . Brian we made that commitment because ken burns is a phenomenal filmmaker. Weve been doing it 12 years, going back to the civil war. Whenever that was. He has been marvelous. We had an event at the Kennedy Center with 2000 people, senator mccain and kerry talk about their experiences. Bob kerry was there, too. It is an interesting connection. Happens to be his biggest and most promoted. And it should be. Charlie 18 hours. I have been brian i have been trying to watch. This as it came out as opposed to all at once. I will tell you, it is causing conversations which are fascinating. I was at our board of directors meeting sitting around, and we talked about our sponsors and showed him a clip. I asked the director, where were you . One was in kent state. One was in chicago, went to protest. Another went to the air force academy. He was coming out in the class of 1968 or 1969. It started a conversation about things going on in america. People were protesting. Im just sitting there watching the conversation. Thats the conversation we get to have because it becomes relevant to the current questions about what the government knew or didnt know, what they told us, were there strategic mistakes on tactics. Tactics . But ken is putting it all on the table. Charlie you hear from the vietnamese for the first time. Brian that was in the episode last night, soldier saying they were humans just like us. Think about the poignancy of that. Another session we did around this, one of my teammates who works with me came out of vietnam when he was like 13, son of a senior officer at that age. We did a panel with he and another woman who came out who had been under completely different circumstances. Here they are both Senior Executives in america granted, they were over 13 when they got out of the country in 1972, 1973, but think about what they saw when they grew up. The conversations need to be had not in tweets, not in blog posts. Conversations like you have all the time are the important conversations. Whether it is around charleston, whether it is around new orleans, dallas, whatever, hb2, our company, because we have 200,000 people in all these places, we are all this week is the riots in charlotte at the base of our building you get those conversations and the Current Police chief and city managers having conversations managers having conversations i would be shocked by what i witnessed in the first few days. The conversations are going on about vietnam and the memories and people talking about it are really going to be special for america. You ask why we do it . Theres why. Hes terrific and a lot of fun, and energetic and prolific him prolific and right with clients. Great with clients. Charlie thats an investment by a corporation because a corporation has to live in a community. People have to live in a community. It ought to be vested in the idea of creating communities that better people. Brian when you think about how we run our company, call it responsible growth, one of the core tenets of that is to share our success with our community. How we do that is our environmental program, but also things like our charitable giving, our employees volunteering, working with the arts. We have done this program with museums where we sponsor some of the great exhibits. We did a jeff koons exhibit in on an exhibit in the boston finance medium boston fine arts museum. We build these programs around kids. Given the way you use arts is geared at trying to get understanding through art. This is really unique, the conversations we have in our company, when you are at a campus,ty and are on and getting people to talk about stuff are critical. If we can help that, we help society. Charlie great to have you here. Brian moynihan, ceo of bank of america, thanks for joining us. See you next time. Jessica i am jessica summers and you are watching bloomberg technology. Lets start with a check of your first word news. Russia is preaching calm as the war of words between the u. S. And north korea escalates. The minister said the war in the Korean Peninsula is unacceptable. Moscow also says a neutral european nation should mediate and the u. S. And south korea should stop joint military exercises. Senator john mccain said he will vote against the proposal becoming the second republican to oppose the measure. He joins rand paul in opposing the bill