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Bloomberg's Olorunnipa on Comey's Testimony on Russia Investiga · Bloomberg Intelligence

• 0:04
  Speaker 1: Welcome to the Bloomberg P and L Podcast. I'm Pim
• 0:07
  Speaker 1: Fox along with my co host Lisa Abramowitz. Each day
• 0:11
  Speaker 1: we bring you the most important, noteworthy, and useful interviews
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  Speaker 1: or the trading floor. Find the Bloomberg P L Podcast
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  Speaker 1: on iTunes, SoundCloud and at Bloomberg dot com. We're gonna
• 0:30
  Speaker 1: go now to Tolu on Arupia to give us a
• 0:33
  Speaker 1: he's our White House to correspondent to just give us
• 0:35
  Speaker 1: a little update on the hearings which will begin. They're
• 0:38
  Speaker 1: both seated FBI Director James Comey and Admiral Mike Rodgers
• 0:44
  Speaker 1: of the National Security Agency. To Lou, I'm gonna imagine
• 0:47
  Speaker 1: this is going to be a quite a popular sport
• 0:52
  Speaker 1: watching this happen in Washington today. Yeah, this is a
• 0:57
  Speaker 1: much awaited hearing. We're finally going to hear the FBI
• 1:01
  Speaker 1: directors speak on a topic that so many people have
• 1:04
  Speaker 1: been wondering about, speculating about, reporting about for the last
• 1:07
  Speaker 1: several weeks, both the issue of Russian meddling in the election,
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  Speaker 1: or whether there was any evidence of collusion by the
• 1:14
  Speaker 1: Trump campaign, whether there are any investigations going on into that,
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  Speaker 1: as well as this sort of incendiary tweet that went
• 1:20
  Speaker 1: out from the President a couple of weeks ago where
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  Speaker 1: he accused his predecessor, Barack Obama of wire tapping him
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  Speaker 1: at Trump Tower. There has not been any evidence of that,
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  Speaker 1: so we'll see if that happens at the at the hearing, state, LU,
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  Speaker 1: what are the sources that you speak to expect to
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  Speaker 1: hear from this? Are we just going to hear about
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  Speaker 1: this sort of seed of play of their investigation. Are
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  Speaker 1: we going to hear actual conclusions? We're probably not going
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  Speaker 1: to hear much about the investigation. Commy has been a
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  Speaker 1: bit circum circumspect about commenting on ongoing investigations, especially a
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  Speaker 1: public hearing like this, But when it comes to the
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  Speaker 1: wire tapping charge, our sources have been clear that Comey
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  Speaker 1: has wanted for for the last couple of weeks to
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  Speaker 1: publicly uh denounced this charge and say that, uh, the
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  Speaker 1: FBI was not involved in any wire tapping of the
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  Speaker 1: Trump campaign. Uh. He hasn't been able to do it
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  Speaker 1: up until now. He's been working specifically with congress members.
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  Speaker 1: But now he's going to have a chance to actually
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  Speaker 1: say this in the public, say that there's no evidence
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  Speaker 1: to back up this tweet from the president, and that's
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  Speaker 1: what we're expecting to hear from him when he's asked,
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  Speaker 1: probably multiple times by members of Congress whether or not
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  Speaker 1: this actually happened. So what are the implications of that,
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  Speaker 1: that conclusion of him publicly denouncing the claim the President
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  Speaker 1: Trump tweeted, Are there any applications for that? Well, it
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  Speaker 1: will depend on how the Trump administration deals with that,
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  Speaker 1: whether they doubled down on it and say maybe that
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  Speaker 1: it was something that was another type of surveillance, not
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  Speaker 1: not that the FBI is not privy too, or whether
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  Speaker 1: they admit that this was something that that they had
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  Speaker 1: their facts wrong about. But it does seem like something
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  Speaker 1: that Democrats are going to use to attack the president
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  Speaker 1: and say, uh, he's not he's losing his credit ally
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  Speaker 1: by making these claims that can be backed up, that
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  Speaker 1: he's you know, following conspiracy theories instead of listening to intelligence.
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  Speaker 1: So a lot of it will depend on how the
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  Speaker 1: White House reacts, whether they you know, continue to uh,
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  Speaker 1: to stick to their guns and say that they you know,
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  Speaker 1: they still believe this, or whether they tried to move
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  Speaker 1: on and put this behind them. Well, I know that
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  Speaker 1: the House Intelligence Committee Chair, Representative Devin Newness, a Republican
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  Speaker 1: from California. He is giving opening remarks right now. James
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  Speaker 1: Commey is not unfamiliar with cyber attacks in his role
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  Speaker 1: as the director of the FBI. In June of twenty fifteen,
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  Speaker 1: as you may recall, the U. S. Office of Personal
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  Speaker 1: Management announced it had been hacked, and at the time
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  Speaker 1: he was questioned and said that he believed that eighteen
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  Speaker 1: million people records had been hacked in that particular attack.
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  Speaker 1: There is clearly a sort of thread that runs through
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  Speaker 1: all of this having to do with hacking, but also
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  Speaker 1: of political mischief. Yeah, that's that's definitely true. You can
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  Speaker 1: expect to hear Republicans, uh sort of wonder and sort
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  Speaker 1: of press tod me about what the Obama administration was
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  Speaker 1: doing while Russia was allegedly meddling in our election via hacking.
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  Speaker 1: What the what the previous administration was doing to protect
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  Speaker 1: the U. S. Government and to protect our political system
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  Speaker 1: from uh cyber hacking. And you can expect to hear
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  Speaker 1: Republicans to make a lot of pay out of the
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  Speaker 1: fact that you know, Russia was even able to do
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  Speaker 1: the hack, the hacking that they were doing without you know,
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  Speaker 1: without political repercussions. Um, that's something that you know, you
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  Speaker 1: can expect to hear during the hearing. But I can
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  Speaker 1: expect Democrats to uh to really try to focus much
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  Speaker 1: more on this wire tapping charge and uh and and
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  Speaker 1: and getting the FBI director to separate them stuff from
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  Speaker 1: the president and say, the president tweeted out, you know,
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  Speaker 1: this charge against the former former president without any evidence
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  Speaker 1: to Lou. I wonder if if Rudy Giuliani, former mayor
• 5:02
  Speaker 1: of the City of New York, will come up, because
• 5:05
  Speaker 1: in October last year, Ruddy Giuliani was speaking to Fox
• 5:09
  Speaker 1: News and he said that there was going to be
• 5:12
  Speaker 1: a surprise or two that you're going to hear about
• 5:14
  Speaker 1: in the next two days. And then we heard the
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  Speaker 1: disclosure about the email METAD data that contained positive hits
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  Speaker 1: for Hillary Rodham Clinton, her campaign and her tenure as
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  Speaker 1: Secretary of State. Yeah, that's a good point, and we're
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  Speaker 1: definitely going to hear. Democrats tried to press the FBI
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  Speaker 1: director about who is he, who he's looking at, who
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  Speaker 1: he's investigating. There are several members of the Trump campaign,
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  Speaker 1: associates of the Trump organization who have some of these
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  Speaker 1: sort of mysterious ties to Russia, um Rudy Giuliani is
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  Speaker 1: one of them. Roger Stone also tweeted out something shortly
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  Speaker 1: before Hillary Clinton's campaign managers emails were were packed, that
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  Speaker 1: they gave a lot of impression that you may have
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  Speaker 1: known that this was coming beforehand. So there are a
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  Speaker 1: lot of questions about what contexts the Trump campaign and
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  Speaker 1: associates of the Trump campaign had with Russia, and those
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  Speaker 1: are the types of questions that the director's going to
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  Speaker 1: likely be asked. He may try to dodge those questions
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  Speaker 1: by saying, you know, this is all part of an
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  Speaker 1: ongoing investigation and I can't answer them in a public hearing,
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  Speaker 1: but you can definitely expect him to get pressed very
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  Speaker 1: hard about that about whether or not anyone associated with
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  Speaker 1: the Trump campaign was connected with Russia, communicating with Russian,
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  Speaker 1: with the Russian government, or with any of the people
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  Speaker 1: who were behind this hacking, because that's the major question
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  Speaker 1: that we haven't answered just yet. Chulu, do you have
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  Speaker 1: a sense of what investigations are currently ongoing at the FBI?
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  Speaker 1: I mean, yes, it's understood that he cannot talk James,
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  Speaker 1: and we cannot talk specifics about investigations, but with the
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  Speaker 1: news of any particular investigations be important today, Yeah, that
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  Speaker 1: would be, That would be incredibly important because to this
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  Speaker 1: point and we have not been able to verify that
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  Speaker 1: there are any investigations, and there's a lot of questions about,
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  Speaker 1: you know, if there are investigations going on, how close
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  Speaker 1: they are to UH, the Trump campaign and to Trump associates. UM.
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  Speaker 1: There are a number of different people who have been
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  Speaker 1: involved in some questionable activity who are also involved in
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  Speaker 1: the Trump campaign, everyone from UH from Carter Page who
• 7:26
  Speaker 1: was a foreign policy advisor to the Trump campaign who
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  Speaker 1: went over to Moscow, to Roger Stone who had these
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  Speaker 1: ties to Wiki leaks right before they started releasing documents
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  Speaker 1: that allegedly were hacked by Russia. UM. And and then
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  Speaker 1: you also have political operatives connected with the Trump campaign
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  Speaker 1: who also were political eric campaign advisors to politicians in Ukraine. Yes, exactly.
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  Speaker 1: Paul Manafort is another person who may potentially be under investigation.
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  Speaker 1: All of these people have been asked to preserve all
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  Speaker 1: documents and destroy any documents by the intelligence committees that
• 8:02
  Speaker 1: are investigating this because there could be uh some some
• 8:05
  Speaker 1: investigations into their ties with Russia. Paul maniforts ties with Ukraine. Um,
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  Speaker 1: he was outfited from that position in part because of
• 8:14
  Speaker 1: those leaks. So there are a lot of different questions
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  Speaker 1: that need to be answered in the FBI. Director is
• 8:18
  Speaker 1: likely going to be asked whether or not any of
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  Speaker 1: these people are being investigated. Right now. Admiral Mike Rogers,
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  Speaker 1: head of the National Security Agency, is sitting beside Director Comy.
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  Speaker 1: What is he expected to be to be focused on. Well,
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  Speaker 1: he's likely to get a lot of the same questions
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  Speaker 1: as you know, he's uh, since the top a lot
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  Speaker 1: of the national intelligence uh agencies. He's gonna be asked
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  Speaker 1: a lot of the same questions about, uh, you know,
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  Speaker 1: who knew, who knew what when? About Russian hacking, uh,
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  Speaker 1: some more details about what the US government knows about
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  Speaker 1: what the Russian government was doing to metal in our election,
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  Speaker 1: as well as uh, you know, some of the details
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  Speaker 1: about the cyber hacking and it took place. UM. And he,
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  Speaker 1: you know, while he's up there, he's likely to be
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  Speaker 1: asked about wire tapping as well, that you know, how
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  Speaker 1: how it works and whether or not there's any reason
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  Speaker 1: to believe that former president could even you know, order
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  Speaker 1: up a wire tap of a political campaign. So those
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  Speaker 1: those are the types of questions that he's he's likely
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  Speaker 1: to be asked. Um. You know, you can expect Democrats
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  Speaker 1: and Republicans both to get to try to score political
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  Speaker 1: points through this hearing. But to lou Alarnapa, thank you
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  Speaker 1: so much for joining us. To Lou is the White
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  Speaker 1: House correspondent for Bloomberg News. While we await the beginning
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  Speaker 1: of FBI Director James Comey's testimony, we turn now to
• 9:52
  Speaker 1: some political turmoil overseas. We're talking about Britain, in particular Brexit,
• 9:57
  Speaker 1: and we want to bring in Ian Wishart. He's your
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  Speaker 1: Pian government reporter for Bloomberg, coming to us from Brussels.
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  Speaker 1: He wrote a story today talking about how Prime Minister
• 10:07
  Speaker 1: Treasa May will file divorce papers to leave the European
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  Speaker 1: Union in March twenty nine. Ian, what is the significance
• 10:13
  Speaker 1: of this sort of triggering of of of this particular provision. Well,
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  Speaker 1: it means that the UK from that date will have
• 10:22
  Speaker 1: exactly two years to withdraw from the EU. During those
• 10:26
  Speaker 1: two years, it means that the UK and the EU
• 10:29
  Speaker 1: have to come to some kind of deal on how
• 10:32
  Speaker 1: the Britain will extricate itself from all the laws built
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  Speaker 1: up over forty years, having been a member of that time,
• 10:39
  Speaker 1: and also trying to work out what sort of relationship
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  Speaker 1: the UK will have the EU in future, what sort
• 10:45
  Speaker 1: of trading links that will have. UM. So, what it
• 10:48
  Speaker 1: means is that there is no clarity. March twenty ninth
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  Speaker 1: is the day that the reason May the Prime Minister,
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  Speaker 1: is going to trigger those negotiations um and it means
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  Speaker 1: after talking about it for so long, since last June
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  Speaker 1: when the referendum in Britain was held, they can finally
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  Speaker 1: start getting down to some work. You know, Ian as
• 11:06
  Speaker 1: we as we talk about all of what's going on
• 11:08
  Speaker 1: in the usagram where the US wouldn't commit to being
• 11:14
  Speaker 1: against protectionism, you have to wonder how much the certain
• 11:19
  Speaker 1: political backdrop internationally, particularly with the US, it's complicating the
• 11:23
  Speaker 1: Brexit negotiations. If it are, how how are they There's
• 11:27
  Speaker 1: there's obviously that backdrop. There's there's this sort of rise
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  Speaker 1: of protectionism all around the world um and the EU
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  Speaker 1: is very well aware of that, and they're also very
• 11:38
  Speaker 1: well aware of sort of a surge in nationalism and populism,
• 11:44
  Speaker 1: and they know that Brexit was perhaps an earlier example
• 11:48
  Speaker 1: of that. So as part of their negotiations with the
• 11:52
  Speaker 1: with the UK on Brexit, they're also making sure that
• 11:55
  Speaker 1: the other twenty seven countries that formed part of the
• 11:57
  Speaker 1: EU stick together, that there's no fragmentation there, that Brexit
• 12:01
  Speaker 1: doesn't start to divide them as well, or they look
• 12:04
  Speaker 1: towards the UK and see, well, this is quite a
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  Speaker 1: good thing to do. So you've seen that with sort
• 12:11
  Speaker 1: of Theresa made early meeting with Donald Trump. She wants
• 12:15
  Speaker 1: to get close to the US as she withdraws from
• 12:19
  Speaker 1: the EU. So that's all playing into the negotiations as well,
• 12:23
  Speaker 1: and it will it will mean that the EU wants
• 12:25
  Speaker 1: to drive a hard bargain because they don't want other
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  Speaker 1: countries to follow Britain's example in what's the economic condition
• 12:32
  Speaker 1: of much of the European Union? Are people underestimating the
• 12:35
  Speaker 1: strength of the European Union's economy? I think so because
• 12:40
  Speaker 1: they look back over the last I don't know, six
• 12:42
  Speaker 1: son eight years and see the Eurozone in particular going
• 12:46
  Speaker 1: through a hard time. I mean, growth has been pretty sluggish,
• 12:49
  Speaker 1: unemployment is very high in some countries, specially youth unemployment,
• 12:54
  Speaker 1: and um, they're thinking, you know, can the EU withstand
• 12:58
  Speaker 1: these type of shocks. Well, the growth is picking up,
• 13:02
  Speaker 1: unemployment is going down, things are beginning to look better
• 13:07
  Speaker 1: in Greece. Um So I think from an economic point
• 13:10
  Speaker 1: of view, they'll think they can withstand Brexit. The real
• 13:14
  Speaker 1: question is kind of UK withstand Brexit economically, and there
• 13:17
  Speaker 1: are sort of although there's been no real shock. Yeah,
• 13:20
  Speaker 1: there are definitely some forecasts that growth will be particularly
• 13:24
  Speaker 1: hit over the next two or three years when the
• 13:25
  Speaker 1: penny starts to drop and the UK sees what sort
• 13:28
  Speaker 1: of condition is left in Yeah, I'm struck by the
• 13:31
  Speaker 1: fact that the European Union may want Britain in fact
• 13:35
  Speaker 1: too not do so well after a Brexit, right, because
• 13:39
  Speaker 1: then it sort of encourages the outliers that might be
• 13:42
  Speaker 1: leading towards a breakaway as well from the European Union,
• 13:45
  Speaker 1: maybe France or maybe Italy. It may make them rethink
• 13:49
  Speaker 1: whether they actually want to do that. Right. Yeah, that's
• 13:52
  Speaker 1: absolutely right, And almost every leader in the EU has said,
• 13:57
  Speaker 1: you know, the UK will still be our friend. We
• 14:00
  Speaker 1: we want to continue trading happily with the UK. But
• 14:04
  Speaker 1: under no circumstances can the UK be better off. In fact,
• 14:07
  Speaker 1: it must, it must be worse off when it leaves
• 14:10
  Speaker 1: the EU for the very reason you said, because they
• 14:13
  Speaker 1: don't want to show other countries, actually, this is this
• 14:16
  Speaker 1: is a this is a thing you can you can copy.
• 14:19
  Speaker 1: So while they're at pains to say we don't want
• 14:22
  Speaker 1: to punish Britain for leaving, they certainly don't want to
• 14:25
  Speaker 1: make it easy for them. Um. And we'll see that
• 14:28
  Speaker 1: in the course of the negotiations over the next two
• 14:31
  Speaker 1: years on things like trading links, on things like access
• 14:34
  Speaker 1: to the euse Single Market where there's no tariffs, um.
• 14:38
  Speaker 1: That they want to drive a hard bargain and they
• 14:40
  Speaker 1: don't want to make the relationship particularly easy after Brexit.
• 14:45
  Speaker 1: So far though Britain has actually done better than people expected. Correct, Yes,
• 14:51
  Speaker 1: but it's still very early days. Certainly the economic impact
• 14:54
  Speaker 1: hasn't been quite so that hasn't been a shock as
• 14:57
  Speaker 1: some people thought might happen. Firstly straight after the re
• 15:00
  Speaker 1: random results and then when it became clear that the
• 15:02
  Speaker 1: British government was going to trigger what what we call
• 15:06
  Speaker 1: over here a heart breaxit, which is really severally severing
• 15:09
  Speaker 1: as many links as possible with the EU. So at
• 15:12
  Speaker 1: the moment wouldaen's been okay, But to be honest, nothing
• 15:16
  Speaker 1: really has changed in that time. It's still a member
• 15:19
  Speaker 1: of the EU and still will be for the next
• 15:21
  Speaker 1: two years. That's the real key time in exactly two
• 15:25
  Speaker 1: years time when the time comes for the UK to
• 15:27
  Speaker 1: actually leave and make it on its own, and then
• 15:30
  Speaker 1: we might start seeing some impact on the economy then,
• 15:33
  Speaker 1: but you know, the British government will say, no, actually,
• 15:36
  Speaker 1: we've got everything in place and we're well prepared and
• 15:39
  Speaker 1: in fact, you know, we can make it on our own. Well.
• 15:43
  Speaker 1: Not only are the issues related to legal contradictions between
• 15:48
  Speaker 1: the United Kingdom and the European Union, but businesses will
• 15:53
  Speaker 1: have to decide where they're going to invest money. And
• 15:56
  Speaker 1: I noted that, for example, Toyota has just announced that
• 16:00
  Speaker 1: they are investing about two hundred and fifty to two
• 16:03
  Speaker 1: hundred and sixty million dollars in its UK manufacturing facility.
• 16:09
  Speaker 1: Is there a reason that the Toyota would be so
• 16:13
  Speaker 1: optimistic about making this investment given the uncertainty you describe.
• 16:18
  Speaker 1: There's so much unpredictability, But the UK government is offering reassurances.
• 16:24
  Speaker 1: And it's very definitely true that some companies, particularly as
• 16:27
  Speaker 1: you say, the automobile sector is saying, you know, is
• 16:31
  Speaker 1: believing those reassurances and we'll see that Britain can still
• 16:35
  Speaker 1: trade with the rest of the world, with the US,
• 16:38
  Speaker 1: with China, with much of that. Those reassurances come with
• 16:40
  Speaker 1: any financial assurance on the part of the government. It's
• 16:45
  Speaker 1: not been it's not been made public. One would expect
• 16:49
  Speaker 1: that that's probably taken place in sort of some of
• 16:51
  Speaker 1: the back rooms, but they've certainly said there is no
• 16:54
  Speaker 1: financial incentives. That we'll have to wait and see. We'll
• 16:57
  Speaker 1: have to wait and see what the UK government has
• 16:59
  Speaker 1: said to the harm manufacturers about what is future relationship
• 17:02
  Speaker 1: with the EU will be. But again that all depends
• 17:05
  Speaker 1: on the EU agreeing, you know, and you see that
• 17:08
  Speaker 1: the euro still that that the European Union still includes
• 17:12
  Speaker 1: Britain in it. So we haven't seen the full impact.
• 17:15
  Speaker 1: And yet we have seen a real impact from the
• 17:18
  Speaker 1: depreciation of the pound, and I'm wondering, you know, that
• 17:21
  Speaker 1: seems to have come as a direct result of what
• 17:25
  Speaker 1: happened right of of the Brexit votes, So you know
• 17:29
  Speaker 1: from that can we glean anything very much so, and
• 17:33
  Speaker 1: you know that was the shock as soon as the
• 17:35
  Speaker 1: referendum happened, that the pound weakened quite a lot against
• 17:39
  Speaker 1: both the US dollar and the euro. And but what
• 17:43
  Speaker 1: is very very important to remember is that people in
• 17:47
  Speaker 1: Britain voted for Brexit not for economic reasons primarily. You know,
• 17:52
  Speaker 1: it's very easy, you know, when we're working for Bloomberg
• 17:55
  Speaker 1: here to say, you know, but look what it does
• 17:57
  Speaker 1: to the economy, and look what it does to investors
• 17:59
  Speaker 1: and manufacturers. But in fact, most people in the UK
• 18:01
  Speaker 1: voted for Brexit for emotional reasons because they wanted greater
• 18:06
  Speaker 1: sovereignty shat more say, over the laws that Britain was
• 18:11
  Speaker 1: making um and non controls on immigration. So people will
• 18:15
  Speaker 1: look at the de valuing of the pound and say, well,
• 18:17
  Speaker 1: actually it doesn't make a lot of difference, but you're right,
• 18:19
  Speaker 1: it does show what sort of shock this has on
• 18:22
  Speaker 1: the UK economy and and it is perhaps an indication
• 18:26
  Speaker 1: of things to come. I want to thank you very much,
• 18:29
  Speaker 1: Ian wish Art are expert when it comes to Brexit.
• 18:32
  Speaker 1: For Bloomberg News reporting from Brussels. The pound versus the
• 18:36
  Speaker 1: dollar right now three nine to the pounds sterling the
• 18:40
  Speaker 1: dollar at one oh seven to the euro. Thanks for
• 18:49
  Speaker 1: listening to the Bloomberg pen L podcast. You can subscribe
• 18:52
  Speaker 1: and listen to interviews at iTunes, SoundCloud, or whatever podcast
• 18:57
  Speaker 1: platform you prefer. I'm pim Fox. I'm out there on
• 19:00
  Speaker 1: Twitter at pim Fox. I'm out there on Twitter at
• 19:03
  Speaker 1: Lisa Abramo. It's One before the Podcast. You can always
• 19:06
  Speaker 1: catch us worldwide on Bloomberg Radio