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tv   Bloomberg Technology  Bloomberg  December 13, 2016 5:00pm-6:01pm EST

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a ceremony flanked by vice president joe biden and key lawmakers. the 21st century cures act invests for a cancer research moonshot that is strongly supported right joe biden. the obama administration is terminating some sales of military arms to saudi arabia. the senior official tells the ap that there are concerns about the killing of civilians in yemen by saudi-led coalition's. president-elect donald trump plans to make rex tillerson the next secretary of state and that could give the keystone xl pipeline a leg up. if approved the exxon mobil chief could approve the permit that is a requirement for energy products -- projects that cross the international order. rejected thema pipeline in 2015. joe manchin said he will be staying in the senate and not taking a job with resident elect donald trump steam. the democrat said he was humbled to be considered as energy secretary.
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it looks like former texas governor rick perry will get the nod. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. bloomberg tech is next. ♪ emily: i am emily chang and this s "linear technology." we will see how the fed meeting could impact the trump rally. googles self driving car unit hits the road as a standalone business in the alphabet family and gets a new name. why now? we will bring you the details. the senate fight looms over president elect to pick. as the cabinet shapes of we will
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dive into the impact on tech. now to a story we continue to watch. alphabet announcing its separating itself driving car business into a newly -- a new unit within the alphabet family. this eeo has been running the unit and made the announcement on tuesday at an event in san francisco. alphabet has been developing autonomous vehicle technology for more than six years as part of the google x research lab. where does -- what does this say about when we will see self driving cars on the road eventually? at the event earlier today. how does this change things for the self driving cardionet? mark: they have been talking about congratulating which is the term they use the standalone business. some of the delay is alphabet is figuring out the logistics and what it is like to build up these standalone companies.
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were the first of the big tech companies to take er self driving cars yet ub beat them to the road. why has it taken so long? response is they have sort of a self driving car. what google is aspiring to is fully driverless. there is no steering wheel or brake pedals. you press a button, it has 100% economy. they are moving toward that but it is still several years away. about thewere talking inventor of the self driving car. take a listen to what he had to say about the competition in this arena for google particularly when it comes to ube >> others have beenr. vocal and it came in a way that could drive us empty from one customer to the next.
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he owns many customers but if sameone could offer the services for less he would be in trouble. emily: you have the traditional automakers investing heavily in this area. what is google differentiating? google has a very profitable search business and -- uhe carmakers and over google, they can afford to play the long game. -- the hasformer ceo been turnover in the business. the previous lasted a couple of fears. wrote a big piece in business week last week about
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the turnover in a met in general. we have seen a lot of the leaders of alphabet companies leave. why is this happening and is it what we are seeing today, another sign of money to clear out that balance sheet and make it clear who gets the resource and how much and wife. mark: they want these companies to operate like startups. scrappy and be feisty. i talked to people who left the team and some of the frustration they had is they go to market strategy has not changed from month-to-month. they are trying to find out the -- finding out what recurring revenues for self driving tech company looks like. emily: thank you for that update. we are to another story watching. stocks pushing higher ahead of the fed meeting tomorrow with at dow inching, closing 21,000 points. tech stocks were standouts in
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tuesday trade. the nasdaq was the best performing index with names like microsoft and apple leading the way. cory johnson joins us from new york to find out -- talk about what is fueling the market rally. why today, why tech stocks and today? cory: we have seen this big rise there are --s and of all that works, big infrastructure spending, everyone will benefit. the tariffs will not affect technology companies. oracle received double digits, 40% of revenue so the notions that tariffs will not impede tech sales and maybe this tech titan leaders meeting at trump tower tomorrow will leave everyone loving tech under a trump administration. i think the has something to do with it. ellie: we will talk about that.
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they are planning to be there at trump tower tomorrow. cory: i will be there. you were on the trading floor of credit suisse today. talk to us about what you saw and heard and the feeling among investors. cory: it is always interesting to be on a trading floor. i have done this death many times but there was a moment when they traded this massive lock of stock in the hour before the open, nearly a billion dollars in a single trade and it into the office and said we have the trade and we have to get rid of these shares and do it in less than six minute -- 10 minutes. there is the notion that in a withipo year, starting snapchat, we might see some of the unicorns come out of the ipo's and that would mean something to the public markets and give some more volume and stocks to trade. we talked to the head of investment banking at credit suisse. listen what he said and maybe
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get the sense of excitement about new ipo's. >> there is anticipation along -- around the large private technology companies coming in and if you think about the size of those companies, the potential size of the ipo's, investors are starting to think about positioning themselves. cory: the notion there that ipo's will lead the way. we will look for the reddit of -- the role of credit suisse. ther dream is to get underwriter on the deal and that could be a big deal for credit suisse but also for the rest of the technology struck -- stock trading universe. just announcing that they are working on creating 25,000 more jobs and investing in a billion dollars over the next four years. is this part of winning over the new administration? it willybe and maybe work. it sounds kind of ridiculous to me. if you look at the capital expenditures for ibm, the amount
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they spent in acquisitions, those are investments. the company that spent $26 billion over the last four years, the notion that $1 billion is a commitment to my we just spent 26, that was 15 weeks of spending last year alone. $1 billion is a drop in the bucket for the expenditures. they need to make more revenues and more profits which they failed at. let me show you something on the bloomberg terminal. i look at the cash flow four years of capital expenditures, that is five years , which is one more than four. let's stick with five years. that capital expenditures alone where you can see the company spending $3.6 billion. if you add to that the amount of money they spent on acquisition, spendingee the company billions and billions of dollars every few weeks, every 15 weeks or so. every six months. isommitment to $1 billion
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very little commitment for ibm indeed. emily: that is something we will continue to follow. we will be all over that. johnson, our editor at large, thanks so much. a star-studded list of silicon valley execs heading to trump tower wednesday. we will ask the head of the internet association how the tech leaders should treat this meeting. he has been advising them, next. this is bloomberg. ♪
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emily: block chain has recruited antony jenkins to its board as the bitcoin technology provider works to persuade the financial industry to adopt its technology. lenders around the world are under mounting pressure to cut costs and many see digital currency transactions as a way to do it.
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to bloomberg tv about how this kind of animation is impacting jobs in banking. walks or the middle and back office of any large make you will see lots of people working at computer terminals and all that can be automated and there will be a lot of job losses. and another interest -- industries. emily: jobs are likely to top the agenda between a meeting between president-elect trump and ceos. jeff bezos among those attending. representing a who's who of u.s. tech's most valuable companies. whichternet association represent many of these companies outlined a policy wish list for the president, tackling trade and immigration and neutrality and his positions on the issues head on. michael beckerman is in new york and has been invited -- advising
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tech leaders on the message they will convey at this reading and joins us more for -- joins us from more. inside the lobby trump tower. i am curious, most of these tech leaders did not vote for donald trump. some of them were very vocal in speaking out against him. what was the initial response when they got this invitation to the meeting, was there a to attend? guests: the meetings are how do we create jobs and continued innovation and how to make sure the economy grows, that is what the meeting will be about. emily: what is the message they want to and intend to convey? guest: one of the most import things when you think about our sector and the companies that are being represented, it is one of the fastest-growing sectors, it is creating jobs and in every
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single state that donald trump one. these companies are part of the solution to make sure our economy grows and we are creating benefits in the u.s. and we outlined a number of them port and policy issues for president-elect trump and we were looking to working with them to making sure the sector can remain innovative and create value here. emily: how do you expect this meeting to proceed? there is concern that trump could unleash the same sort of scolding that he gave to television media executives after the election ended. are these folks going to listen, are they going to be scolded, or are they going to be heard? guest: i expect it will he a cordial meeting. olive branches have been going back and forth between our sector and the trump transition obviouslyhey're important people in the room like jared kushner who has been reaching out and peter thiel has
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previous relationships with many of the ceos who will be in the room. this is about the future. this is about how can our companies help grow the economy and work together, this is the beginning of a conversation and it is important that everybody is getting together. journalist wrote a pretty scathing column where she took the stand of these folks should not be going to trump tower. saying the leaders of tech should be ashamed of themselves for lining up like sheeple after the numbskull attacks from has made. also attending. he may direct when he realizes the farsi has agreed to be part of. should they even be going to this meeting at all? strong respect for
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her but i disagree. these days are based in the united. 80% of the employees and economic values here -- value is here in the united states and the companies are going to stay here. we need to have a clean slate. president obama put it best after the election. the sun rose and we need to have a clean slate. give the president elect a chance as if he is successful we can all be successful. start fresh and let the election go behind us and if there are going to be areas where we disagree with the president going forward, we will make our voices heard and be very loud about it. this is not a shy group of ceos. we are in the early stages and we want to make sure there is a positive relationship and we can all work together. emily: we confirmed that i ceo and airbnb have been invited. they're not going for whatever reason. if anything we should read more into this? i understand this meeting came up last minute but this is the
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future president of the united states of america and a controversy one at that. guest: i would look at this as just the first meeting. i would not read too much into and who iss there not there. there are a number of ceos who would have liked to be in the room. space will be limited in these meetings. this will be -- not be the last opportunity or conversation. we represent 41 companies, we are all going to work with the new administration to make sure that these businesses can grow and our voices are being heard. emily: we will be all over the meeting tomorrow. ishael beckerman who advising all the tech folks attending this meeting. thank you as always for stopping by. coming up, president-elect trump has made his pick for secretary of state. what rex tillerson signals for the global tech sector. this is bloomberg. ♪
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emily: rex tillerson has been nominated for the position of u.s. secretary of state. exxon mobil ceo has been criticized for his ties with russian president vladimir putin possible russian interference in the election is under scrutiny. what can we expect on their encryption, countering extremism, and travesty? the cia has come out recently saying not only do they believed russia hacked the election but hacked it in order to help trump win. what do you think the choice of rex tillerson, is he indeed -- if he indeed ends up in this job as the top diplomat for the united states, what does that u.s. andthe future of russia relations when it comes to sever security? guest: there are a few issues to
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think about. one is the relationship with russia. you have a number of hawks in the trump team. rex tillerson has been fairly consolatory -- conciliatory. things the lot of obama administration has put into place, things that rex tillerson may not have worked on much in his previous role. i noted he was at the obama cyber security meeting with a lot of ceos of companies last year said he be familiar with some things from the private sector on the cyber security front but there is much that remains to be seen. we have not had a secretary of state with this type of background. everyone is focused on russia, it is interesting to think about what are the positions on things like the global engagement fight which is set up to extremism online.
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he does not have a track record of past experience in that area. it, therei understand is some sort of her tellier cyberspace when things like this happen. talk to me about what official retaliation might he and unofficial retaliation and other might be a twist to this under a trump administration. guest: we heard donald trump make statements with regard to cyber offensive weaponry. and thinking the u.s. has not been working to up their cyber arsenal. traditionally the u.s. has not had a strong cyber policy in terms of how we respond to cyber attacks. you have seen this with the north korea incident and the russia hacks. you might see a more offensive posture. there are some dangers with this because you can see escalation forth witho back and cyber attacks in terms of hacking for information or
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disrupting with denial of service or if you want to go a step further, attacks that take down infrastructure. these are very important security issues. the director of national intelligence, james clapper has listed sever security as one of the main threat areas that the u.s. faces. it will be interesting to see. i do think donald trump underestimates our cyber capabilities. the u.s. has one of the strongest cyber arsenals in the world. where we are a little bit week is in terms of our defense and vulnerabilities. that is because of the nature of how many owner abilities there are. it is basically infinite. everything connected to the internet from the power grid to hospitals to computer at the pentagon are potential targets. that is the nature of the threat. bely: would donald trump inclined to retaliate if the russians intervened on his behalf i guess is my question. guest: it will be interesting to
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see going forward how he ways and assesses the crowd -- credibility of what the intelligence agency is offering. in order to pinpoint or attribution, you need to have confidence in the intelligence community's assessment of where it is coming from. they use third-party actors to carry out. our intelligence committee has gotten better at forensics. you could see donald trump perhaps taking retaliatory action because he seems to have taken a strong posture in some of his remarks. having said that, he has not had a clear cyber policy down on paper. former hply fiorina, director, what does this mean for issues of encryption and intelligence? guest: she has been a strong vocal and supporter of act or entry. allowing law enforcement to get
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in. this is something that law-enforcement has been pushing for especially at the fbi. it will be interesting to see if they not just on the encryption issue, the tech companies have been under a lot of pressure to start cracking down on the content that violates the terms of service in terms of beheading videos and propaganda. they came out with a statement, it is something our organization has been pressuring the month and to take more action on. it remains to see if the administration pressures them more. emily: thank you so much. coming up, we will talk about tech stocks leading the way in training today as the dow flirts with 20,000. ♪
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lisa: you are watching bloomberg technology. let's begin with the check of your bloomberg first word news. ban ki-moon says opposition forces control just 5% of eastern aleppo and the yuan has received credible reports of
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civilians killed by pro-government forces. he called for an immediate end to violence by all sides. top nuclear envoys from south korea, the u.s., and japan are pledging new sanctions against north korea. the penalties would include capping their coal exports to check off cash. the envoy says the countries will share information to monitor north korea. jill stein said she will donate any money left over from the $7.3 million raised to force recounts in three states. wisconsin completed its count with little change. the pennsylvania and michigan counts were blocked by judges. kanye west paying a visit to donald trump. he was accompanied by a large entourage but without wife kim kardashian-west. no word on what they discussed. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries.
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this is bloomberg. it is after 5:30 p.m. tuesday. 930 wednesday morning in sydney. i am joined by paul allen with a look at the markets. good morning. new: let's take a look at zealand. trading for 90 minutes. looking pretty flat despite that close we saw on the dow in the u.s.. a different story for nikkei futures, looking positive as is the sx. we are expecting gains of .41% when the essex gets trading. -- a sx gets trading. the outlook for one of its key products, iron or not so great. morgan stanley adding its voice bearish others in a outlook for iron ore. it is $83 per 10 that morgan sees it averaging $58 per 10 next year and the year after.
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australianes the treasurer scott morrison will address a banking conference. he is expected to address the budget repair laying out a case for australia to retain its aaa credit rating. plenty of data out today, november jobless figures from south korea are steady at 3.7%. and the survey from japan. more from "bloomberg technology" next. ♪ emily: stocks are pushing higher ahead of wednesday's fed meeting with the dow inching closer to 20,000. tech led the way with apple and
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intel leading gains in the blue chip index in tuesday trading as it cap to seventh day of record losses. the s&p 500 rose 17% to an all-time high. advancing to its first record since october. many major tech names making up .ost ground since the election will other companies take the plunge and go public? us, alex and olivia. i will start with you. tech is catching up in this rally. what does it mean for ipo's? the advisors and the companies go out and look at where the comparables are trading. of cyberve a bunch security companies trading up and doing very well, that means that a potential ipo candidate and sever security could get a better valuation than the could have before that rally.
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seeing tech stocks come back after labor day and after the sign thats a great could help push some of these pre-ipo companies that had missed opportunities this year and not actually get out the door. it could push them to look for listings for 2017. emily: we are expecting snap to go public, potentially dropbox, spotify. everyone asking about airbnb. what we know about their plans? olivia: i spoke with several investors and they assured me it is not happening anytime soon. one key indicator is they have not picked a bank debt. that tells us a lot. i am sure they're thinking about was when they have their i am but they have not chosen one. emily: you have another story out that they have bought back $95 million worth of company stocks from morgan stanley which is unusual. explain what is happening.
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olivia: it can appear that the own stockrchased his or he was trying to inflate its value. it is the opposite. the issue here is that airbnb's value has gotten so high that morgan stanley can no longer keep it in its portfolio at the amount it had it. morgan stanley is only allowed to have 10% of its portfolio in private companies. airbnb's value has tripled since morgan stanley purchased the company. it had to sell off a lot of its stock. it did sell it for lower value than it is now. that is because airbnb got to set the price. emily: as far as your reporting goes on some of these of the country companies we are talking about whether it is dropbox or spotify, doing anything more concrete about their plans and as they are honing in on next year? ex: spotify will come next year. if you look at their last capital raise, it was a
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convertible debt round where the longer that that round is outstanding, the longer it takes them to exit and convert that debt to equity. more the holders of that security get paid back. bit of a ticking time bomb intended for spotify to go out because the cost of capital for that money goes up over time. we did report dropbox had brought in advisors to consider what 2017 would look like. this becomes a valuation question for them. will they be able to fetch the valuation that they had privately in public markets given where the comparables lightbox are trading. these are the names in addition to snapchat which we should see according to our sources in the first quarter of next year. those are the big guys. behind them we know there is more than 170 unicorns, valued at $1 billion hanging around out there and there is a lot of
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buzzing with a bunch of names this year that we have not seen go out the door. company'sook at the those are ones that we are waiting for and at this point in the calendar, it looks like they will be 2017 events. companies, of these airbnb, snap, they are in the .ew guard the ceo ofed that airbnb was invited to the meeting but is not going. olivia: he has declined. he has travel plans. emily: i know it was last-minute but do we read anything in? .livia: he has to travel a lot it is very possible that he was just traveling. emily: we will be following that meeting tomorrow.
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thank you both. in the latest tech revolving door, changes at the top of facebook's virtual reality unit oculus. the co is stepping down as the company divides itself into two groups internally. and the focuses on vr other on mobile vr like what they have developed for the samsung gear vr. in a statement he said i miss the deep day-to-day involvement was building a new product. i can dive back into engineering and product development." the facebook ceo will leave the search for a new oculus ceo. the farmer -- founder will be moving to an undisclosed numeral. -- new role. gary lewis moving on to alibaba's south china morning post. we would hear from him next. this is bloomberg. ♪
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molly: a story we are watching out of cuba. google has signed a deal to expand internet access in the country which is known for its extremely slow connection. the deal would give speedier access to sites on the google platform like gmail, youtube. google opened technology in havana as part of a white house initiative to expand internet access to the country. edition of out of this world, another delay for spacex. this time the company has officially postponed the first vehicle.ight of its it has been pushed to 2018. this is a capsule to take nasa theonauts to and from
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international space station. part of the agency's plan to fly astronauts on american made matt -- rockets once again. speculation that the fight would be delayed after the company's falcon nine rocket exploded on the launchpad. tocex adjusted its timeline finalize their investigation into the accident. gary liu will move back to hong kong for the job. the move raised eyebrows and critics had concerns alibaba would influence the outlets reporting. since the acquisition, newspapers focusing on all things digital including tearing down the pay wall, improving its mobile app, it appearing to integrate e-commerce. what is next? the liu, incoming ceo of south china post joins us now.
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what attracted you to this position? -- the opportunity is quite unique. it is one of the venerated news organizations of the world with 113 years of incredible heritage and history as a top journalistic outlet. the second thing is the south china morning post occupies a critical and super-unique position being the english language newspaper of record for hong kong. the paper gets to cover china with intimacy but objectivity. which i think is going to be increasingly more important in the world. the third thing is it is deeply personal. as an asian-american who has grown up in the western world, i understand there is a duality of views in the way china is being covered and i'm excited about the opportunity to help bridge that gap of medication and education.
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south chinaad the morning post i lived in beijing. it was perhaps the only paper that did not seem to be a mouthpiece for the chinese government. now that alibaba owns this paper, is that going to change, is the tradition of independence and free journalism at the south china morning post going to go away? changed andas not it certainly will not change going forward. and myself continue to be committed to editorial independence as well as editorial integrity. the soft china morning post with that 113 years of journalistic history has over the course of and history covered china hong kong and the region with objectivity. that will not change. going to censor things the chinese government does not want people to hear? gary: not at all. being in hong kong is advantageous. we have an intimacy to china and we understand the nuance of reporting inside and outside of china.
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at the same time because of the two systems, part of one country, two systems, press freedoms continue to be protected by law so we have the ability to continue to be fair and balanced. emily: have you spoken with jack ma and what has he told you he wants from your leadership? gary: they are truly committed to the legacy of the paper and the legacy of the news industry. what they are looking forward to is our ability to translate that 113 years of heritage onto the new platforms and the new kind of scale the internet allows us as an organization to access. similare have had obligations when jeff bezos took over "the washington post." what about the potential for conflicts of interest to arise between the business of alibaba the southporting of china morning post, how we you navigate that line? have been and joe
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adamant in the press and with coverternal team that we alibaba and any other company and we continue to be committed to that. emily: tell us about your social media and digital strategy, given what we have seen happen to the media industry around the , the difference between the social networks that exist and are available to use in china versus the rest of the world: what is your strategy there? gary: my focus will be on the rest of the world. is takingon -- reporting on china to other parts of asia and the u.k.. the news product we have today on fromnternet has evolved print publications. best no longer the world's journalism, it is accommodation of the world this journalism and
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the right packaging for the distribution channel so our outlook in regard to channel's are going is to understand where consumption behavior is moving and making sure that our news product is packaged correctly for those channels. emily: this is an english link was paper so -- language paper must so you are probably more outward facing. what is your strategy for within china and especially given that a number of social networks are not available there, though they have very healthy chinese social networks? our focus will not be distribution within china right now. as entire editorial team well as the business units and the company is focused outward toward the world. emily: thank you for joining us. coming up. one of the biggest former
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bankers is joining block chain. involved -- ever-evolving banking environment next. this is bloomberg. ♪
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emily: turning now to spin tech. it is dominated by london sectors. as we mentioned earlier, former barclays ceo anthony jenkins is joining the board of the bitcoin startup blockchain. peter smith explained the need for a new financial system. consumer is mostly application, consumers that want to transact internationally at a very efficient rate. emily: for more on the story i am joined by two bloomberg reporters.
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adam and caroline hyde from berlin. there is a need for a more seamless international inking system and it is interesting aheadurope seems to be when it comes to financial technology. why's that? caroline: it seems to be this perfect storm. you have the banking sector dominant and right next to it on the cusp of where the bloomberg office is is where tech city begins. you have these startups able to own -- work alongside or get into level 39 or canary wharf. there is some great companies coming out of london. i would be able to go to any bank account or any into them and take out my money without having to pay any sort of ff -- fx fees. there are some interesting
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companies maneuvering things. things that i need right here right now. ended up going for n 26. you needed a passport. get my money out of hsbc without paying a penalty? no. emily: as an american it was easy to set up a bank account. the regulatory issues are much and steep in the u.k. broader europe. i assume that is because people travel a lot cross-border. how would you describe it? >> the government has done a great deal to encourage a lot of .hese companies the regulatory hurdles are much less so in the u.k. and other areas of europe that you would see in the u.s., but the dynamic they have, at what point do they get too lenient? they're crowdfunding is very much encouraged.
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in a startup but now they are trying to rain that back in because the regulator there is saying that some of the companies are not delivering on what they said they would. u.s. has more strict approach and crowdfunding has not taken off in the same sort of way. they also have not had the kind of problems you have begun to see in the u.k. so it is a balance. emily: with brexit will more walls go up, we'll -- will things get more difficult or will they stay as seamless as they are right now? caroline: it depends on how [inaudible] governments are. a lot of companies have been looking to go into the u.k. weekly. it is very mobile heavy. [indiscernible] some had delayed their opportunism to jump the border and start to set up. before they get a clear view on
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how regulation will work create at the moment for the eu startups, the one based in berlin and paris and amsterdam, they are looking within their own you at the moment. they have a banking regulator, it helps that the ecb is the regulator of the eu. a backingble to get license and move in that countries in it. emily: this is the first time we have seen you in person since you like -- moved to london. brexit is something a lot of people did not expect. how does the u.k. and european tech scene compare to silicon valley? adam: it is much smaller. the thing is there is a lot of buzz and attention happening in california and silicon valley and there is a great deal of
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attention taking place in asia because there is so much happening there. watchingke europe is the parade go by. there is a lot of interesting, exciting things happening especially around some of the universities in cambridge and a lot of happening in artificial intelligence. it is flying under the radar because you do not have these big tentpole companies that demand as much attention as you see elsewhere in the world. emily: you'll get a chance to see and make that comparison since you will be filling in for me for the next time. caroline: i cannot wait to see the height, whether silicon valley lives up to it and i want to bring to the audience's attention what is happening in europe and there has not been the big exits. they have been bought out by softbank. starting with these exits, they are not vast quantities when it
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comes to the start of community that many -- in the money is going back into the ecosystem. we need the money and he engineers to go back in and refuel it we need a few more billion dollar billion euro companies out of the u.k., out the planesnd maybe will start landing. emily: it is great to see you. thank you both. that does it all for "bloomberg tech." bloomberg tech tv weekdays. that is all for now. this is bloomberg. ♪
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>> from our studios in new york ity, this is "charlie rose." charlie: cybersecurity has become one of the greatest challenges facing this country. last february, president obama created a commission to address the growing threat. earlier this month the commission on enhancing national cybersecurity announced its findsings and comprehensive report, it called for urgent action to enhance american cybercapabilities. meanwhile last week, president obama ordered a full review of russia's election-related hacking. president-elect trump continues to dispute the kremlin's involvement. joining me now are the commissioner's chairs.


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