It. Is a sign from the u. S. Point of view that countries like the u. S. And brazil are not doing enough, in their mind to combat Climate Change,. David there are a lot of side negotiations reported. I will talk to you in a little bit about resident rouhani of iran. For now, we go to Wendy Benjamin down in washington. The week has been consumed as to whether or not President Trump did or did not intervene with the ukraine. Today, we heard him say he had a conversation with the head of ukraine. Wendy he acknowledges ringing up the case of joe biden, the Democratic Front runner, and his business dealings with the ukraine. He at the ledges bringing it up. He big question is, did overtly suggest that u. S. Aid was a factor in the decision of the ukrainians to investigate biden . Isid and on this one, it not just the he said she said, it appears theres is a record of that conversation, so if it were revealed, we would know the answer to that question. Wendy that is exactly right, but were not going to see that at this point. House Speaker Nancy Pelosi and. Senate minority leader Chuck Schumer have asked for the letter. They arent getting support from their republican colleagues on this, but they do want to see the letter. The other difference here is accounts, by all both from the ukraine and from washington, didnt really do anything overtly wrong. I mean, he did try to get the prosecutor fired, but he was backed by the European Union, the imf, and the entire obama administration. David and that was u. S. Policy, as i understand, it had to do with corruption in the ukraine. At the same time, he had a son making a lot of money as a member of the natural gas company. It did give senator warren is back up to say, they are both a little bit dirty here. Wendy it will certainly give. Enator warren a little bump up she also had a very favorable iowa poll this week that showed her statistically tied with ahead, butpoints other democrats will also say that trump is being awful, there is nothing here, this is about trump once again, possibly enlisting the help of a foreign leader for domestic political gains. She, so far, is backing biden on this, and i cannot imagine that changing. David thank you very Wendy Benjamin in washington. Now lets go to london and joe easton. This is the largest repatriation by air at peace time 150,000 passengers,. What happened . Joe it is a huge operation the u. K. Government has on its hands. This story has been going on several months, where we have sin thomas cook trying to get extra funding from their lenders , which is they really needed to unlock an even bigger truncheon of loans from the banks that were initially backing it. That has not been able to happen, and on the weekend, we saw the company go to the British Government and ask for a bailout, and that was rejected quite quickly. They said there was no strategic interest in the u. K. Government company. Ut a travel we have seen the company collapsed today, and 150,000 people, as you mentioned, left in countries without any means of going home. Now, the u. K. Government is chattering flights from all over the world to bring these people back to the u. K. David certainly an awful story for those people. On the other hand, somebody always benefits. What about competitors of thomas cook and i also read about, investors in cds swaps also making money from this deal. Joe as you mentioned, we did see rival share prices rising this morning. One of the companies is called on the beach their biggest listed competitor, they rose around 10 at one point. And also. Rival,ritishgerman their shares rose today. There. Is a sense that while they may take an initial hit on the contracts these companies have together, they will be a reduction in competition and those companies can benefit. There are also the hedge funds who had credit default swaps like you mentioned, they could benefit. One of our bloomberg reports say that they could benefiting to the tune of 250 million from and essentially what is insurance on these collapsed swaps paying out now. David thank you to joe is done. U. S. Iranian conflict is very much on the side of this at u. N. Guest it is the one thing everyone is talking about, something that is much bigger than the u. S. And iran. The has been talk about President Trump and president rouhani, given the fact that they are both in new york, might find a way to step into a Conference Room and have some sort of meeting to defuse tensions. It is tough politically from both sides to do this, but they are working on it, particularly people like the french president and one on the crown, and japans shinzo abe, meeting separately with both leaders, they really want them to get into a room together. David President Trump has said he would like to get into the negotiating with iran, but iran has said, not unless you release us from the sanctions in place. Is there a way to do that . Guest it is hard to see that. Iran has said, if you want to see us sit at the negotiating table, you have to lay in up a little bit. Given the evidence that came out on the saudi aramco attack, it has put President Trump in a much difficult position to go against the advice of his top aides and say, let us is up on them and give them and sit with them and talk. David thank you. Now lets get a check on the markets with abigail doolittle. Abigail small moves in the averages in the u. S. We are looking at small gains, this after stocks traded lower on friday, trade talks disappointing, manufacturing and other Economic Data in europe mixed in. The bulls are trying to keep their head up. Look at haven bonds come a year yield down for basis points, the sixth down day for yields in a row. Telling you that theres a bit unease. Speaking of unease, you were talking about the thomas cook collapse, it is really having an impact on the travel space. Take a look at the airlines, united and carnival, some travelers out there stranded by the collapse. Some travel companies underperforming the major market indices. Where we have performance. On the day, Consumer Staples. Lets look at the Consumer Staples in the bloomberg. The s p 500. , Consumer Staples space in white up 3. 8 especially in august, one of the more defensive sectors. Some of the dividends and reliable cash flow. This is a bit of a switch, because this sector last year had bid under some significant pressure. 1 there is the s p 500, up come pretty good performance. Some of the big movers in the space, dr. Gamble procter gamble. And then finally, target, up 2. 8 . Again, ittaples, really shining on the day and in the quarter. David now, we have breaking news on deutsche bank. One of the banks top , iseholders, a qatari Royal Holding talks to find a new bank. An for the troubled those familiar with the matter say the royals are debating whether to try and force the current chairman to leave before 2022. Rm expires in we will keep you uptodate on this story as it develops. Coming up, President Trump has a new National Security adviser. We talk with one of his former colleagues, lanhee chen will be with us next. This is bloomberg. Balance of power on bloomberg television, i am david westin. We turn to Mark Crumpton for bloomberg first word news. Mark iran. Closed theump has door to negotiations with iran following the attack earlier this month on key saudi oil facilities. President trump and saudi arabia believe iran was responsible for the attacks. The countrys foreign minister told reporters at the United Nations today, the attack low apact and that if iran was hind it, nothing would have been left of this refinery. President trump made a surprise appearance at the them change summit today. The president in the past has questioned matt mead Climate Change, at one point calling it has questioned manmade Climate Change, at one point calling it a chinese folks. Hoax. Hinese you ande, secretarygeneral Antonio Guterres stated that warming is continuing at an alarming rate. These are not localized disasters but part of a global trend. We will not overcome the Climate Emergency without safeguarding lungs. Nets very these fires not only contribute to Climate Change by releasing but alsooxide destroying trees and vegetation that remove and vegetation that remove emissions from our air. Mark the secretarygeneral also told were leaders that it is not a time to negotiate, but to act to make the world Carbon Neutral by. 2050 the u. K. s top judges will roll on whether mr. Johnson acted lawfully when he suspended parliament. The decision could shape the course of brexit, and determine how much power future by ministers have. If the court finds a johnson suspended parliament is eagerly he could before to recall the legislature. The Prime Minister has promised the u. K. Will leave the e. U. On october 31 with or without a deal. Global news, 24 hours a day, on air and at tictoc on twitter,. Powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . David thanks very much, mark. Before he was President Trumps National Security adviser, before he was special envoy for hostage advisor, he was special advisor to mitt romneys campaign. Lanhee chen is now director of Public Policy studies at stanford. Welcome back to bloomberg here in new york. First, let us talk about robert obrien. I understand he served with and you know him. What do you know of him . Lanhee he is a tremendous choice for the job because he understands the job of National Security adviser is not necessarily to advocate was the first late, but to present a process where the president can make an informed decision. I think he has the right side manner for the job, he understands how to relate information to President Trump and advise him. I am very bullish on this. Pick. I think he represents not just a strong character, but also someone will understand u. S. Policy in a way that will make a lot of people very comfortable. David . David that is the question experience. N policy everybody recognizes that he is an ablebodied lawyer, but does he have enough to withstand against other Foreign Policy experts . Lanhee he wrote a book called while america slept a comprehensive look about some of the challenges facing american infrastructure now, he has worked with the u. S. Mission to the u. N. , he served with former secretary of state condi rice, and frankly, a lot of this job of National Security adviser is getting information to the president and we sure there is a process through which the president can make educated and informed decisions. I think he will do present the at that. David let us turn to the u. S. Economy. The consumer of years to be holding up pretty well. Guest i think it is. It is stronger probably than most people would expect. The political chatter class likes to use the economic slowdown and recession on the horizon to make next years election more interesting, but i think the economy is holding up relatively well. The labor market is still strong. There are questions about how uncertainty is impacting the future of the u. S. Economy. So you end up with questions around for example, the uncertainty on trade, the uncertainty of what might happen with respect not just of china, but to other trading partners. David we have seen a downturn of manufacturing. A question a lot of people have is, will it bleed over into services . We just got german numbers out this morning that showed that. It was disappointing. I will tell you what they were services pmi was 52. 5, lowerthanexpected. Manufacturing was actually 41. 4. What is the danger that manufacturing here in the United States put bring down the rest of the economy . Europe the headwinds for have been strong and are getting stronger. Here in the United States, our economy, we have a lot more diversification. Manufacturing is clearly a concern, especially political concern for the president , because it is an area he said he would try to repair during the 2016 campaign. David which takes us, i think, to the question of the 2020 election. In mentioned manufacturing. President trump certainly feels to the Manufacturing Industry workers, and to farmers, the two areas that appear to be getting hit by the transitions. What is the pressure on the president as a get closer to 202010 back off on some of that . Lanhee the pressure will be enormous, particularly from the farmers. The farmers have received some assistance, but what they are looking for is longterm stability around the question of trade, particularly, with china. That is a big issue the president will have to address. Manufacturing, same thing. Beyond that, i think we have talked a bit about Elizabeth Warrens candidacy. I think the reason why she is gaining some traction is because she is speaking to those populations in particular, not with traditional conservative policies, but with a different kind of appeal. I think that is. One of what has fueled horizon iowa where she is, pulling ahead of joe biden fueled her rise in iowa, where she is pulling ahead of joe biden. David some people would say that we are seeing growth trail off. Even. In the United States, we have had a difficult time getting beyond 2 growth rate. What do you think of the proposals coming out now say that we should go beyond that, that we should go to few school stimulus funded at the Central Banks . Lanhee the danger there is twofold. One is, you run out of levers and terribly you go there and it doesnt work. Beyond that. , the challenger have in the u. S. , about all is the systemic paralysis of the institutions of parliament. Can you get the congress to act on stimulus . There are so many different issues we have in the u. S. Where acted. S has not the notion that we will rely on congress now to get us out of the mess we are in is a big challenge. Monetary policy i think will continue to be that buffer, will continue to be a piece of the puzzle. But if fiscal policy is what we want to rely on, i think it is a dangerous place to go just because of where the political system is now. David thank you, lanhee chen of the Hoover Institution and also stanford. Still ahead, facebook in the crosshairs, with reports that the kept a dossier of social networks alleged misdeeds. Thats coming up next. This is bloomberg. David you are watching balance of power. I am david westin. Time now for the stock of the hour. Facebook is on pace for its worst day in several weeks following reports that the companys competitors are talking to the f. T. C. As part of its antitrust investigation. So snap is there dossier. Project baltimore, best project it. Imore, they are calling they are talking to the ftse to try to establish a pattern of facebooks anticompetitive. Thee calling legal team has apparently been compiling this for years, dealing with things like discouraging influencers, really popular instagram users from ,entioning snap on the platform or suspicious that snap is prevented from trending on instagram or being able to be found on the explore page, which is how people find new content. This is interesting for snap and facebook because these two go headtohead. Facebook has kind of adopted their stories. Facebook says that there is competition and users have a choice, but this than amec is interesting. The whole thing brings regulatory concerns surrounding facebook and antitrust to the forefront. David adopted is something you said, but i think snap would say copied. Every time to have brought something out, facebook has copied it. There are a number of other companies under pressure. Facebook isnt even down the most, netflix is under pressure to the tune of 2. 4 , the fourth straight day it has declined, down 11 in the past four days. Really just growing concerns about subscriber growth may be tapering off as they face more streaming competition we. Also saw that. Amazon is down, they were cut at morgan stanley, really on margin pressure from oneday shipping, a big push for the company that creates headwinds. It puts pressure on margins, so the stock is down. I do want to note, apple is up today, bloomberg reporting 20 minutes ago that it will unveil its new desktop computer in texas. A number of the components required for that assembly, which are made in china, actually got exempted from the 25 tariff from the trump administration. So the cooperation from the administration is allowing them to produce the computer in texas, something that the president has been pushing for, is more u. S. Manufacturing. David we havent seen the last of these complaints. Guest . Guest to the f. T. C. Know, we have not. Notes,hould tomorrow, they will be holding a hearing. So we will be watching for that tomorrow. David kailey leinz reporting, thank you very much. Up next, germany reported manufacturing numbers showing the worst downturn in a decade. We will be talking to our next guest about that. If you have the bloomberg terminal check out tv , you can watch us online and interact with historically. Live from new york. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. David this is balance of power on bloomberg television. Im david westin. Germanys industrial slope worsen this month with no end in sight so far. We welcome matthias matthijs. He is joining us from washington. Good to have you here. I will put up a chart that illustrates what we saw today in germany numbers. Factory is the worst by far, the blue line on the bottom, but it seems to be spilling over to services. A little above 50 but not a lot. What is going on with the German Economy . Economy, ite german is worrisome from a eurozone a Company Point of view, has been slowing down for a while, seeing mainly in manufacturing. The trade wars between the u. S. And china are spilling over into the rest of the world economy. Clear clear germany is in the position to do more on the fiscal side, and that is the parting shot mario draghi left us with with his recent actions of the European Central bank. The question is, will the german political establishment move in that direction . What is interesting, their dutch neighbors, who are normally fiscally conservative, have started to move in this direction. David i feel like we are waiting on the stimulus from germany but it never comes. Are they constitutionally barred from doing it . Are, yes, there they are, but there is some of the room. When it comes to limit change, who is the main challenger on the left and merkels party . The greens are rising. Responding at the european Level Commission with some sort of Green New Deal could be the way to go. The question is, can they do it while also balancing the books . Has moreefinitely wiggle room than the rest of europe. That being said, i am definitely one of those analysts that for the last 10 years has been writing as well that germany could do and should do more on the fiscal side. I remain skeptical that they can go big in that sense. U. K. , wets go to the have the United Nations meeting in new york this week, Boris Johnson flew in on sunday, and will reportedly have meetings with european leaders because he thinks he can get a deal with brexit. Can you explain how he thinks he can get a deal done . Matthias i am incredibly skeptical that there could be a deal done, and i think most of the talk among pundits and analysts today is a waste of time. That being said, the only way you can see a deal is with the European Union proposed three years ago, and its all about the Northern Irish backstop. The idea would be you preserve the Irish Economy as one island economy, and then you have the customs and Single Market border within the irish sea. Why did this never happened . Theresa may lost the election, lost her majority, and then had to rely on the Democratic Union party in ireland, who are adamant that they dont want to see a border in the irish sea. Now we are further down the road, Boris Johnson has lost his majority in parliament, is no longer relied on those people to get his deal across, but i remain skeptical that other nonconservative members of parliament would support him. Who is holding their annual conference right now, the last thing they want to do is do something that would help Boris Johnson, deliver brexit. If there is a deal to be done, that is where we seem to be headed. That explain to me how would work, this border in the irish sea. You would do customs at the port in Northern Ireland before going over to the u. K. . Yes. Ias the main stumbling block, that would divide up the United Kingdom into de facto two nations. Would push them closer to the republic of irelands economy. Great britain, made up of scotland, wales, and england, could be on their own doing trade deals with the rest of the world. The question is, is Boris Johnson willing to push for that . In the end, he is the leader of the conservative and union party. Northern ireland is a key part of that union. You are right, it would be a lot less invasive for the economy if these checks happened on the northern or on the irish, english, scottish ports. David on the european side, would you embrace a border in the irish sea . At least that does not mess is up too badly, we would live with that . Matthias absolutely. Lets not forget, this is what michel barnier, the french negotiator, proposed early on. That would avoid basically any hard border on the island of ireland, which is where the troubles came from. No physical infrastructure there. It would mean Northern Ireland is cut off from a regulatory point of view from the u. K. The point is, will the people in Northern Ireland expect accept the fact to eu regulations where they will have no say or veto to proceed from now on, and will the rest of the u. K. Be happy to live with this . This is what is not clear. Solutionunderstand the would reduce for across the Northern Ireland border but not between europe and the u. K. Proper, excluding Northern Ireland. White affect might that have on some of the european economies, such as germany and the netherlands, if there were significant frictions in exporting and importing from the u. K. . Matthias the fourth is, if there is a deal, and it is approved, and it houses passes the house of parliament and lords in the u. K. , that there would be a long transition period were nothing changes. Status quo prevails, the u. K. Becomes a de facto will take her and stays in the market, until there is a trade deal agreed. The being said, what british want under Boris Johnson is a canadastyle freetrade deal. That would mean significant divergence on the regulatory sign from the rest of europe, and would mean certain customs procedures, and there would be, over time, a significant hit to trade. The main worry right now is that there would not be any deal, that the u. K. Crashes out on october 31, when not only do you have tariffs and other drama on trade, but you would need to have a hard border in Northern Ireland. With all the consequences for the Peace Process on that island. Reporting from washington, thank you, matthias matthijs. Coming up, the 2020 president ial race appears to take and have taken a big detour through ukraine about charges of what President Trump may have sent to the ukrainian president. We turn to our political roundtable to sorted out next. This is bloomberg. David you are watching balance of power. Im david westin. Vice President Biden calls it an abuse of power undermining National Security. Report circulate about a phone call between President Trump and the leader of ukraine that may have included the president urging ukraine to investigate the former Vice President s son. Earlier today, the president said there was nothing wrong with the call. Callhad a perfect phone with the president of ukraine, Everybody Knows it. It is just a democrat witchhunt. Theyve been with russia, they found with recession, everything, and now they are bringing this up. Get tobefore we politics, we thought we would start with the law. For that, we welcome jessica roth, criminal law professor at. Ardozo law school jessica, thank you for being here. I like to start with a statute, what is actually wrong with the president is alleged to have done. If he called of a world leader and asked to investigate, does that violate any law . There are a couple of criminal statutes that could be implicated. I want to say, it is important that there are facts still emerging, and we depend on the details of what was said before we can confidently say whether any clinical criminal statute can be brought into play. If the president spoke about joe biden and his son and made a request for an investigation, that would seem to implicate a couple of different criminal statutes, including the bribery statute which makes it a crime for a federal position to exchange for a federal act. It could also violate federal Campaign Finance laws. That is the same statue that was under investigation by Robert Muellers team in the 2016 election and whether the Trump Campaign solicited Opposition Research from the russian government. The fact that is most important in terms of thinking about the bribery statute would be in play , would be whether there was a quick corporal. In particular, whether the president tied the request of an investigation into joe bidens son to you was to the ukraine. You are correct to say, first of all, we dont know what was said in the call, but this strikes me as different from other instances, where we can find this out. If it is released, we will know if he did or didnt. Lets assume he did raise the investigation. It is not this positive he did not tie it to the aid in the same phone call. That would be the best Case Scenario for a prosecutor trying to make the case. The but if it was understood in context that this request for the investigation was tied to u. S. Eight, that would be sufficient as well. Often in bribery persecutions, the request and quot is understood to be the in exchange for the request being honored, is implied and understood between the parties. That is a harder case to make out. At all thelook conversations, we have heard there were a number of conversations. Also the timing. Might be circumstantial evidence that the parties understood what was at stake. Last question. President has said, vice President Biden, when he was Vice President , had questions about dismissing a prosecutor in ukraine who have been investigating a company, that the Vice President s son himself. Policy, a part of u. S. Even the europeans wanted it. But if the Vice President was involved and urged that, might he be in legal trouble . Jessica from everyone who has looked at this found that there is really no issue there. As i said earlier, to make out a problem of improper official action, there needs to be a qiud quo pro. Anye is not there tied to action or family member, it is harder to the case that there is any correct action there. David that is really helpful, thank you. Jessica roth,. So how is the lyrical situation in ukraine shaping up . Anding us now is jen kearns from washington, david goodfriend. Great to have you both with us. It does look a little fishy that the president is calling up saying please investigate my rival. I appreciate the legal analysis, but as we know in an election year, what is more important than the actual record is the court of public opinion. What i see here is the russian collusion witchhunt 2. 0, deja vu. I think this will be proven out against the democrats. House has already suggested that they would be willing to release a transcript of this call. That tells me early on that they dont believe there was any wrongdoing by President Trump. It might get complicated and the white house might not release it because it does set a dangerous precedent that every phone call with every foreign dignitary would have to be subject to the same type of scrutiny. But i will tell you what is the bigger story here. That is the deflection the democrats are doing, when one figure is pointing at donald trump, there are often four pointing back at them. In the case of joe biden, this hurts him. Reportedly million being laundered going from ukraine to latvia to cyprus, back to the u. S. , to hunter biden, and at the same time, billion going to a fund owned by his son, at the same time joe biden was president. This stinks. Career offing to ajoe biden has of the fact that he is a family guy and that he has this great biography to share. That armor just a bit. To let davide talk. David, is it possible this is not a zerosum game . Is it possible this will hurt both President Trump and joe biden and maybe benefit Elizabeth Warren . Even if she doesnt say it, she could say, why did you have your son making money off of the deal, and mr. Trump, you should not have gone after him either. First of all, ms. Ross laid out the legal ways that this could be a crime. The standard for impeachment is high crimes and misdemeanors. The house, of course, is the most political of bodies. Nancy has been studiously avoiding impeachment votes out of the political sense that it was the middleoftheroad candidates that got them to their majority. In the changing not only Democratic Party but you also have to the below opponents in the Republican Party saying this is treason, an impeachable offense. The temperature has changed with respect it is good politics to hold an impeachment. I have talked about this in the past. It is still the economy, stupid. He president knows that, why has been pushing the fud to do bigger rate hikes, why he was so upset the fed did not do a bigger rate cut. The trade is costing this economy. Recently explained, whether it is trading for farmers or manufacturing, these are political costs to the president. I believe Speaker Pelosi and the democrats are understanding this is a different political setup. And thed about iowa Vice President. I want to quickly say this. Ironically, i believe, by attacking vice President Biden, trump may be strengthening him. This is the guy i fear most, and democrats may rally around vice President Biden. David that is a possibility but it is not showing up in the iowa polls. Elizabeth warren passing by for the first time. Although a lot of undecided. Jen this hurts joe biden in states like iowa. You go back to what has worked well for joe biden in the last 30 years of his career. It is the story about his family. It is a compelling story, a story that touches women in a particular way, was a single dad raising these boys. If it turns out these American People find out there was Money Laundering on the biden family side david never been substantiated. These are not facts. These are rumors. David let me talk for a second. In fairness, various people looked at that and said they could not find anything. David right. Own we know that obamas embassy in cyprus as prosecutors to withhold the amount david for gods sake, you are grabbing at straws. Desperation by republicans, ladies and gentlemen. David let me ask a different subject. We have the speakers saying it is a new chapter of lawlessness. Do you really want to impeach President Trump as a democrat, david . Will that play into the hands of his base . David as i said earlier, the temperature in the room changed, when you have republicans calling for impeachment. The temperature in the room changed when you have facts that people can understand and can see it so politically. I do think ms. Pelosi, in all of her political wisdom, will ask herself, would a vote be harmful to my majority or not . If she is saying what i think she is saying in that letter, she is indicating her own attitude about the calculus of impeachment have changed. We are in a different place, no question. Jen the temperature in the room is just fine, 72 and comfortable. This hurts democrats the most. They are the ones fighting about whether to call for impeachment. I will agree on one point. Americans care more about their own jobs and their own financial prosperity than they do the bidens financial prosperity. This now requires an investigation. Many thanks to jen kerns and david goodfriend. Board up, weworks members are said to be discussing a plan to replace the ceo to save its troubled ipo. This is bloomberg. David this is balance of power on bloomberg television. Im david westin. More wework drama. Some Board Members want adam newman to step down as ceo after the start of delayed its muchanticipated ipo. To its largest shareholder, softbank, are also tied to the move. The board will likely convene later this week. Crystal, lets bring in who covers wework. What is happening behind the scenes . Things are changing every single minute. The board will meet on monday to discuss whether they want to adamadam newman oust newman. That was supposed to be today, but that has been rescheduled. We know some of the Board Members have issues with newman, not that he is not just that he is controversial with his management style, but also some Corporate Governance problems which they tried to address. David softbank is a big player in this. Why didnt they see this coming, they must have known about the construction, they must have seen this coming. Softbank invested in several previous rounds, so they have worked with newman for a long time. They are also part of the Equity Investor who helped structure this Corporate Governance. So they saw this coming, but what they didnt anticipate was how upset investors in the Public Market would be. They went through the whole of sounding out investors in the market, how likely you would pay the valuation they wanted, 47 billion. David now they are talking about 115. They have been scaling back every time they go to investors. What they did not anticipate is that the Corporate Governance would come up as an issue. David is it possible that we are seeing a tectonic shift as far as shareholders willing to tolerate . There have been ipos in the past where they were putting up with Corporate Governance. This one is different. This is different. We have also seen what is unique to a softbank fund. They have a lot of money to go to startups. When you are a startup and burning a lot of cash, when somebody is throwing money at you, you will not say no. They are bumping up their value in the private market, and as a result, when these companies become more mature, get closer to the Public Market, they start having issues when it comes to investors paying the price. David it certainly is high drama, we have not seen the last of it. Thank you for being here. Sign up for the balance of power newsletter at bloomberg. Com to get the latest in your inbox every day. Coming up on wednesday, coverage of the Global Business fourm. We will be hearing from the leaders of india, greece, and spain. You can also go to gtv to follow what is going on. Live from new york, this is bloomberg. Mark im Mark Crumpton with bloomberg first word news. President trump says he is not concerned that a conversation he had asking ukraines president to investigate former Vice President joe biden could fuel calls for his impeachment. Perfect phone call with the president of ukraine. Everybody knows it. It is just a democrat which on, here we go again. They filled with russia, they filled with recession, they filled with everything, and now they are bringing this up. The president spoke to reporters as he entered the yuan Climate Summit for an unexpected appearance. In egypt, 400 people were arrested after antigovernment protests. Demonstrations were held in several cities including cairo. Protesters called for the president to step down. All the protests were quickly broken up by police but they marked a surprising eruption of unrest, which has been almost completely silent since lcc took office in 2014. Iran says Legal Proceedings against a british flag oil tanker in tehran have concluded