President appointed this judge, timothy kelly, a short time ago, a very young guy but exactly what we expected. If you think this is the end of it, think again, because this will probably be appealed. Thats what were expecting right now, but this has been highly controversial because as you know Richard Cordray who ran the cfpb before this, he resigned, he supported the person he wanted to follow on his heels, they say in fact doddfrank allows this to happen. The president says no, no, no, there is a vacancies reform act which allows us to make this appointment. And in fact, the administration, through the Justice Department has maintained that it is the president s prerogative to report ahead of the cfpb. This is a very unusual agency for the federal government. They have a dedicated amount of money, revenue stream coming from the Federal Reserve that not be questioned. They have an incredible amount of power and independence and to be frank here, this Consumer Watchdog Agency for eve
Studio 1. 0, tpg coceo jim coulter. So tpg is an investor in uber, airbnb, vice, spotify, what do all these companies have in common and what does it tell us about your strategy . Jim i think they all have in common the fact that they are driving disruptions in their industries. In some ways if you look at the history of tpg, while we are often called a private equity firm, a large part of our capital has been disruption investors, from the beginning when we started with continental airlines. People thought we were airline investors, but that was a moment in time. We have not done much airline investing in 10 years, but since that founding 25 years ago, we have constantly specialized in finding where the economy is changing and how we can expose capital to it. Emily you and david cofounded tpg in 1993. 1992. You were both working for the texas billionaire robert baath. What was it in those early days that set the stage for what tpg became . Jim we came to the industry from a different
This is Bloomberg Markets asia. Lets have a look at whats been going on. There has been a steeping of the yield curve going on, more flattening taking place. What we have is perhaps an economic slowdown in prospect. Lets have a look at this chart. It goes back to 1986 and it tracks whats going on in the white line into the two to 10 year yield spread. That is indicated by this axis here. Just over 60 basis points between the two of them. The green line is where gdp is. This is inverted. You can the lowest number of growth here, 4 contraction. What happens next is that the yield curve perhaps sees more flattening. We see growth has been improving of late. What happens in the future . We have a strong correlation between the two of them. One of the head scratchers in terms of what we been looking at this year. We had off to christmas break and volatility has been settling going lower, that if we can hold on to the moment in what we are seeing for this rally, we are going to see the asiap
Coulter. So, tpg is an investor in uber, airbnb, vice, spotify. What do all these companies have in common and what does it tell us about your strategy . Jim i think they all have in common the fact that theyre driving disruptions in their industries. In some ways, if you look at the history of tpg, while we are often called a private equity firm, from the very beginning when we started with continental airlines, people began thinking we were airline investors, but really, that was a moment in time. We have not done much airline investing in 10 years, but since that founding 25 years ago, we have constantly specialized in finding where the economy is changing and how we can expose capital to it. Emily you and David Bonderman cofounded tpg in 1992. You were both working for the texas billionaire. What was it in those early days that set the stage for what tpg became . Jim we came to the industry from a different place. First of all, its a bit aggressive to call it an industry in 1990. I
So, tpg is an investor in uber, airbnb, vice, spotify. What do all these companies have in common and what does it tell us about your strategy . Jim i think they all have in common that they are driving disruptions in their industries. In some ways, if you look at the history of tpg, while we are often called a private equity firm, from the very beginning when we started with continental airlines, people began thinking the were airline investors, but that was a moment in time. We have not done much airline investing in 10 years, but since that founding 25 years ago, we have constantly specialized in finding where the economy is changing and how we can expose capital to it. Emily you and David Bonderman cofounded tpg in 1993. You were both working for a texas billionaire. What was it in those early days that set the stage for what tpg became . Jim we came to the industry from a different place. First of all, it is a bit aggressive to call it an industry in 1990. In fact, it was a backwa