david: do you enjoy it? dara: i love it. david: the company was not a public company. you have taken it public. you received a lot of publicity about the ipo. the company has a higher market capitalization, roughly $72 billion. higher market capitalization than any company in american capitalism history except for facebook, this short a time after the ipo. why are so many people criticizing you for having a $72 billion market cap? dara: i think there are many critics for a large company. that is a fact of life. what is different about some of the technology companies of our generation that are coming public, the so-called unicorns, we have stayed private for longer. we have raised more money over a longer time. when we come public, we have bigger scale than companies that went public, the last generation of companies. my view is, we wanted to go public. we needed to make sure we are well-capitalized for the next five years, and we achieved that. now the time is to put your head down and get the real work done. david: after the company did go public, it did go down by a

david: you travel on delta yourself. david: most of the time. david: so you fly coach? ed: often. i fly coach. i find it more interesting back there. david: what about the legroom? ed: the legroom is fine. >> [laughter] ed: what you find when you're flying coach is that it's more entertaining so you don't worry about legroom. you see what else is going on. that is where the real people are. that is where the party is. david: ok, so let's talk about running an airline generally. to be honest, a lot of people say if you want to run an airline or a business, go to a good business school or work your way up and be a management expert, but you were trained as an accountant, which is a great profession, but some people would say the best managers of the world are not cpa's. david: one of the things about accountants that i think they get a bad rap is that they are all about the numbers, very introverted, into their analysis. is that, what you learn as an accountant is the numbers are actually the language and the vocabulary of business. david: for some reason, wall street does not value

david: yep. david: the most famous amateur golfer of them all. how did you actually come to meet him? jack: well, he was a speaker at the banquet of my first u.s. amateur when i was 15 years old. at that time, he had gotten paralyzed as he went on, but he was still walking with canes at that time. and he saw me play. in the last practice round, he says, young man, i am going to come and watch you play tomorrow. here i am a 15-year-old kid, playing in my first amateur, and the greatest player who ever lived, bob jones, wanted to come and watch me play. he came out in a merely bogey, bogey, double bogey. lost my match, but it was a great experience. he became a good friend. he was great counsel. he was a really, really good man. david: so you decided ultimately to turn professional in the year after you won the second amateur. you won the u.s. amateur twice. jack: yeah. david: you decided you would make a career out of it? jack: i didn't have any more goals to do in amateur golf. and i wanted to be the best i could be at playing golf. so i said, th

david: right. so i woke up him and said, "here how we can give you "a $1 tr gift. "you invest $100 billion to my fund. "i give you $1 trillion "because my track record is 44% irr, per year. ry year, compound 44%. "that's my past 18 years. "so, you know, even less than that, "let's say 30%, in 10 years, you n multiply it by 10x. so if you invest $100 billion, $1 trillion." so i said, "i'm gouna raise $100 billiond. "i want you to invest 45. m investing ourself 25." so he said... after i made the speech and presentation, he said, "can you invest 45?" he said "no." i said, "well... "i did a nice try at least. ntuh...so how much you o invest?" he said, "no. i want to invest 75. "if you're investing 25, the remaining is 75. so ito invest all." so i said, "no, no. you cannot invest 75. "you can invest 45. the remaining i haver o save for the otvestors to invest." da d: wait a second. you meto tell? [laughter] in 45 minutes, you actually raised $75 billion? wow. ok. that's pret impressive. but what is it

jeffrey: oh, gosh, david. so, you know, it was an amazing time, you know, and year when we go through 9/11, i think of the tragedy for the country, which is still very real. at that moment in time, we owned 1,200 aircraft, we owned nbc. we were--the biggest business in ge in 2001 was insurance. people don't know that. o so we had re-insuranthe world trade center. and it was just-- it was a panic, really. so, you know, we went dark on nbc for 3 days. we had to take more than $1 billion write off. david: dark meaning you had nodvertising? but the most important thing was what happened in aviation with the leased aircraft. so we would have like nightly calls. and the vice chairman at that time was a guy you know, dennis dammerman, who's a great guy. hece passed away, but i loved dennis. we would have a teleconference at, let's sa 9:00 at night. and guys would call in and say, ok, yeah, e "x" is going to go bankrupt tomorrow unless we buy a billion dollars of double-e tcs. ok. and i would say, "dennis, what's a do

david: what happened? hank: very early on, in the first meeting that i had with president bush at camp david, he got his economic team together, he wanted me to talk about entitlement reforms, that was one of the things that brought me to washington. i told him i wanted to talk about the financial crisis. i did not see one coming like we had, but i saw excesses, and i saw them in 1994, 1998. i thought we were due for turbulence in the market. the whole discussion was about that. david: ultimately, the banking system came back and the financial system came back, but as you look at the system today, could something like that happen again? hank: i hate to say this, but we have less authorities today than we had then. ♪ ♪ david: lehman was on the verge of going bankrupt, and you did not have the authority to save lehman. in hindsight, is there anything you could have done differently? hank: i do not think there was. we tried everything we could to get a buyer. lehman was a bigger problem than bear stearns

david: n.o.w. on the positive side in latin america, there was another "wall street journal" article that said that the left, the pink tide way they redescribed it is receding a little bit. they pointed to bolivia, brazil's lula. what do you think of that? >> i don't agree. morales fell because they didn't pay the police enough. david: is it that simple. >> basically the police and military are the ones that keep dictators in power. in venezuela, in nicaragua. you also see, for example, chile, the fastest, growing most prosperous economy in south america is under assault. they're being forced to rewrite their constitution. it will be loaded with socialist diatribes and populism and it's, chile will not become venezuela. it will become argentina, which is very discouraging thing. you do have the socialists coming back into power in argentina. you have a socialist president in mexico. so the idea -- david: all is not copastetic. >> not at all. david: marianne o'grady, good to see you. let's get back

>> exactly, david. with all due respect to the congressman who suggests maybe a long trial is in order. and the president seems to want that as well. in my view, i still have yet to see the basics in terms of a charge that would stand up. you reference the clintons impeachment. in that same impeachment proceeding, back in front of the congress, in front of the senate, senator robert bird disagreed that clinton should and could be charged. he actually moved to dismiss. it went to a vote. he didn't make it. but i think that the republicans, if they round up in this case, moving to dismiss, saying there are no crimes charged here. i think it would pass. i think this would go straight up. >> all the republicans. they need 51 republicans. that would give them the leeway of two. mitt romney may drop out. talk about the dumping down of the impeachment process. abuse of power, the main article in this impeachment is not a specific crime. a lot of people say it could be used against something that president trum

david. david: thank you very much. coming up next, we've got the creator of a monthly subscription that sends dog toys and products straight to your door. his business is booming. people are spending major cash on their pooches. i want to know why they are spending so much, why is there a $77 billion trend in this business. we will be asking him coming next. ♪ ♪ ♪ ♪ everything your trip needs for everyone you love. expedia. you are my diamond. for the diamond in your life, get up to 40% off storewide or get these one of a kind deals at the "you are my diamond" event. exclusively at zales, the diamond store. at the "you are my diamond" event. [ drathis holiday... ahhhhh!!! -ahhhhh!!! a distant friend returns... elliott. you came back! and while lots of things have changed... wooooah! -woah! it's called the internet. some things haven't. get ready for a reunion 3 million light years in the making. woohoo! -yeah! david: this shouldn't surprise you. 67% of american households own a pet, but this may surprise you. t

david: two hours and -- ed: that was the first few miles. david: but you finish. ed: i finished. i wore my delta colors loud and proud. raised $2 million for cancer research. [applause] ed: thank you. i don't think i would be doing another one of those. i am still feeling the effects. david: i would fly a marathon. i would fly 26 miles. [laughter] david: you have a pattern of meeting with employees regularly. you call it the velvet program. can you explain what that is? ed: when we went through our hard times back in the bankruptcy era, we did not have a lot of cash. people were taking pay cuts. we decided the only way we would be successful again was that we would have to reconnect with our people and get something to catch their attention. our people were downtrodden. years of pay cuts, job losses, and all the difficult things we remember from almost 20 years ago. so in downtown atlanta, there was an abandoned macy's building and we decided to take out a couple of floors. i'm not sure we even paid for it. i think we just squatted. i don't even know if they knew we were in there

david: mishandled. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? ♪ david: people say running an airline is not an easy thing to do. you have weather to deal with, energy prices, but you grew up in a family of nine children, so what is easier? [laughter] growing up in a family of nine children, or running an airline? ed: running an airline, certainly. our family was great. i am the oldest of nine. i was sharing with david earlier that when i was five years old, we already had six kids in the house, nine kids sharing three bedrooms. 1.5 baths. my dad was a dentist, he had his practice inside our house. and my mom worked

david: thank you so much. now we are going to go to fledon, where carlos ghosn to escape what he called "rig japanese justice system." 's lawyer told reporters his exit was a complete surprise. the news is a complete surprise to me and my team. i am shocked. i don't know anything more than what has been in the media. david: joining us on the telephone from beirut is 's correspondent. what do we know about how he got they are and what he is doing now? reporter: yes, carlos ghosn is in lebanon. he confirmed what we know is he entered lebanon legally from a lebanese minister. he said he entered legally using a french passport and a lebanese id. we don't know where exactly he is staying. i went to his house in beirut, and one of beirut's most posh areas. wasasn't clear whether he actually staying at the house. david: fascinating. he's a very big figure in lebanon, as i understand. his face is actually on a stamp in the country, so he has support zoomable he from the government? -- support presumably from the gover

david jackson was married to barbara briton. her father harry disliked david. she went on to become the fifth wife of a man named michael wolf. they divorced and he later married two more times. now, finally, one of wolfs ex-wives was telling police she knew everything about what happened to david. >> can you tell me again. >> i know how he was killed and what they did with him. >> how did she know? according to her, michael drank a lot. >> every night he would almost down a whole bottle of scotch and i guess he just needed to talk. >> and the story wolf told according to the ex implicated more than just himself. here's what happened as nancy heard it. wolf and harry britton rented a motel room on that long ago july night. invited david to a meeting there. >> when he gets at the hotel. they have a very small conversation and michael shot david in the head. >> he said he had to get so drunk to do it. the first shot didn't kill him. he had to shoot him again. >> afterwards as nancy relayed the story. >> they took his car to the airport and left it there and then

. [♪] david: good evening, i'm david webb sitting in for the vacationing lou dobbs. washington remains motionless as we head into the new year. house speaker nancy pelosi clutching on to the radical left's articles of impeachment against president trump showing no signs of making headway with the senate. but the standoff that started last week is unlikely to see movement until next year. republicans are coalescing even further behind the president. >> everybody knows it will end in acquittal. we don't tell the house of representatives how to run our business, they shouldn't be telling us how to run our business. >> we need to wrap it up. >> the result of a fair trial, the impeachment claims will be thrown out. david: the longer pelosi waits, the more she exposes her party's indecision about moving forward as nothing more than a spiteful partisan exercise. a new report says senate dems are bracing for the president to seek acquittal. a unified republican party waiting out nancy pelosi, his administration taking decisive action overseas. the fall foliage authorizing in

david: so, where did you go? satya: i went to the university of wisconsin in miaukee for my cn puter-- that's wswitched from electrical engineering to computer science. david: but, you're in india, university of wisconsin-milwaukee can't be that well-known there, so, how did you happen to wind up there? satya: i had never been west of bombay, quite frankly, an mthen i showed up waukee. [laughter] david: did you have a winter coat or-- satya: ha!ryhat was my first alued possession in life, va winter coat, which y important. unfortunately, i picked up this bad habit of smoking in india, in college. and the one nice thingl bout going to sch milwaukee is you are a smoker, you have to go out in the winter and smoke. and that one winter in milwaukee cured me of my smoking habit. [laughter] david: wow. good. so, you got a job after you graduated, at n microsystems. and what was youjob there? satya: i was a software developer. david: ok. and then you got recruited to go to another company calledicrosoft. and that was in

david? up, the decision to go through the latest court decision for the future of the affordable care act. at 1:00, we are joined by wilbur ross. that's coming up on bloomberg television and radio. david: i am david westin. obamacare has been under attack accord since the day it was enacted. the latest challenge comes from texas. they have ruled that the mandate is unconstitutional. it remanded the case to reconsider how much it can survive without the mandate. let me ask you a question, how effective is the mandate. it was important to the overall system. >> i think that was the argument. the answer is the mandate is vital to one part of obamacare, how these marketplaces function. if you think about obamacare, it's a broad law, it incorporates changes to medicaid which covers lower income americans that some states chose not to expand. there is a series of changes jumpstarting payment reform in the health care system to address costs. it's unclear that those other issues are affected by the

david? yesterday we had the forthright converconversation between prest trump and macron that was just the warm up. >> all right, i'm glad you got that report, we're just about to lose you in your feed, thank you very much. safe travels. >> trump hating mainstream media, as you would guess, is capital i'ding o rising on that- capitalizing on that viral video. here is one looking for another angle, should media be focused on what the president has accomplished during the meetings? >> this is why i always hated group projects in school, i did all of the work, and everyone comes along for the free ride, they still gossip about you. this is what the countries are doing. there is no point in having allies and an alliance if they are not going to pull their weight. >> it was not the greatest 24 hours, but this is not surprising,. president looks at trade differently, and nato differently, and i would say he is not that well, liked on global -- international stage. this is not first time he and mac

david: final question. if somebody is watching or reading your book, and they want to be a leader in business or or government, what is the key quality to be a leader? what have you seen in your key quality? stephen: to be a leader, you have to be a good listener. you have to understand what is going on around you. you have to be measured and you have to realize that everything you do is amplified in the minds of the people who are listening to you. kindness, but defining a culture, is what a leader does. david: thank you for this time. stephen: thanks, david. ♪ ♪ viviana: coming up on "bloomberg best," the stories that shaped the week in business around the world. stocks reached record highs as the u.s. and china signal a trade deal. >> it seems to be suggesting both governments are on track for some kind of agreement. viviana: voters in hong kong deliver a message that is crystal clear. >> the people of hong kong talking about the biggest political issues. abigail: investors sift through data to get a

david: and is this a done deal? we have representatives in mexico city and they may have to agree to something, is that a formality or is this a problem? nothing is done until it's done, but all indications are that it's moving forward. isre's no question that this a good deal, when it comes to auto and manufacturing and for auto workers this is a good deal. i think the labor in this agreement is critical. have hadknowing what i reported, i have those concerns about intellectual property. especially as it pertains to the biofarma industry. i don't think this should be interpreted as a template moving forward in future trade agreements. david: thank you. that's the former democratic congas and from new york, joe crowley. president trump has been outspoken in his criticism of the wto, refusing to approve new members of appellate panel. about what someone this means for the decision-making at the body which is coming up next on balance of power. ♪ david: this is balance of power, i'm david westin. president trump has

david: dr. paul farmer, thank you. ♪ david: he was only six years old when the iron curtain separated him from his parents leaving him home in romania when they were visiting the united states. after years of forced child labor and communist indoctrination, a congresswoman from ohio learned of his case and took it to president eisenhower, who secured his release in a spy swap bringing him to the united states as a young celebrity who didn't know a word of english. peter georgescu just learned english and went on to princeton and stanford business school. moving to the world of madison avenue in the days of mad men. he started as a researcher at young and rubicam and rose to become chairman and ceo of the advertising giant. now, georgescu has a new mission. having seen the worst socialism has to offer, and what capitalism at its best can mean for those in need, he's urging corporations to return to pursuing the best for all their stakeholders -shareholders, workers, customers and society at lar

david: and did you enjoy harvard business school? steve: no. david: did you want to drop out? steve: yes. david: you went out to raise a fund, and was that easy to do? steve: i sort of looked at that and went omg, we are going to fail. david: in 2007, you decide maybe you should take the firm public. steve: i took it public for a lot of different reasons. i had a sixth sense that something terrible was going to happen in the environment. >> would you fix your tie? david: well, people would not recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer, even though i had a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? before we get into blackstone, i would like to talk about a couple of other things. you grew up in a middle-class environment in philadelphia, and now you are one of the wealthiest men in the world, one of the biggest philanthropists in

david asman, it is yours. david: i'm david asman in for neil neil can cavuto. nancy pelosi is asking the house move ahead with impeachment. watch. >> the president abused his power for his own political event at the expense of our national security, sadly, but with confidence and humility, with allegiance to our founders, and a heart full of love for america, today i am asking our chairman to proceed with articles of impeachment. i commend our committee chairs and their members for their somber approach to actions i whh i wish the president had not made necessary. david: they ask them to move fast so the senate quote, can have a fair trial. edward lawrence with more. reporter: white house press secretary stephanie grisham says the democrats should be ashamed of themselves. house speaker nancy pelosi outlined in the statement that the house is protecting against threats foreign and domestic. she is saying that the house is protect the u.s. constitution. listen to her answer when she was asked if she hated the president? >> this is about the constitution of the u

david? david: mark very good to see you on saturday. so the trump adminitration received backlash when it introduced the remain in mexico program that mark just outlined but it seems to be doing what it was supposed to do, so what does that mean for our immigration plan moving forward? republican congresswoman from arizona, debbie lesko joins us now good to see you congresswoman. you know some of these stories are tragic. our heart goes out to people looking for a better life but the asylum rule was being abused or at least misused. people came here, they had one meeting with the judge and disappeared and they never come back for other meetings. president trump changed that and it appears to be working, right? >> well, i agree with you. i mean, the president's number one job in congress' number one job is protecting its own people , and i serve on both the immigration formation issues both on judiciary committee, and on homeland security committee, so i touch both sectors and boy, we had such a border crisis. as you said, people were us

david: you were the only child? john: i was. david: like myself. an only child. the advantage of being an only child is your parents put a lot of time and attention into you. was that a good thing for you? john: it was. they focused everything on me. they got divorced when i was three years old, so i had two different lifestyles. you know, my dad lived in a studio apartment, not far from downtown, and my mom lived in a large house in hyde park. and they were different political persuasions. my mom was republican, my dad was a democrat. so i learned to navigate two different worlds each and every week. david: you went to the university of chicago famous lab school, which is known for its k-12? john: it is a k to 12 school. i got there in ninth grade. it is a terrific place. david: in addition to academic pursuits, you were a basketball player? john: i was. david: you went to princeton, and you played basketball at princeton? john: i was very fortunate to play basketball at princeton for the hall of fame coach pete carril. he was a legend and somebody someone who r

david: you were famous. peter: my goodness, when i landed at idlewild airport -- now kennedy -- there were probably 200 reporters and flashing lights. it was a circus. it was unbelievable. we got off the plane and we want on every show you can imagine. we were on the ed sullivan show, good morning america, you name it. david: you didn't speak english when you came here. how did you get from here to exeter? peter: well we arrived in april as i said. the principal of the school reads this story and says, i'll keep a place for the young boy. my dad says, but sir you remember he he doesn't speak english. he hadn't gone to school for four years. he said oh i know i read this story but he learned other things there. help him learn english then come in august to exeter. let's have dinner and we'll go from there. so i try. i work hard to learn english. i watch a lot of i love lucy, i tried to imitate ricardo's accent which was not difficult at the time. we ended up for dinner with the principal william gurdon salton

i'm david westin. jeh johnson served as a secretary of homeland security under president obama. he was the principal legal architect of the obama administration's efforts to combat terrorism. we are pleased to have him back with us on balance of power for today's conversation in chief. ave us a little bit of summary of where we are in terms of our national security, homeland security. start with mexico. about theo talk border, but we have these murders of the drug cartels. what is going on with drug cartels? jeh: unfortunately and tragically, the murder of the u.s. citizens is a reflection of a larger wave of violence caused by these cartels that's been going on for some time now. it is correct to characterize it as a security issue for mexico and the united states. mexico is stretched when it comes to its own security. they have committed a lot to helping the trump administration with border security on our southern border, but the cartels ,epresent a much larger threat and they are probably the in th

david: ok. jeffrey: and i think, you know,-- lookthg back, david, i thinlesson for everybody in any crisis is the people that move first in uncertainty, you know, that's how-- at least in that crisis, that's how you became safe. david: or call your mother if you can. jeffrey: exactly. vid: you inherited a very large industrial conglomerate, you could call it, maybe thomlargest industrial conerate. and then you began to reshape it and you sold things that were part of ge's history. je yeah, so if you just go back, we were really a conglomerate. so we went fronbc to pet insurance, jet engines, plastics. we were kind of a classic conglomerate. and i think--you know, in our business, a little bit different tn-- we're kind of in the permanent hold business, right. so at the end of the day, what i wanted to do was construct around the things we really viewed as being our core competencies as time goes on, where we can generate a good retu, where we could build competitive advantage. we were the bigges

i'm david westin. as we come back on air, spacex falcont launched its rocket, its 19 resupply mission for the international space station. it is taking millions of pounds of payload up there. it will have a four-week stay at the international space station and then will splash into the pacific ocean. if it goes according to plan, the first stage will reenter and land on a drone ship on the coast. that drone ship is called "i still love you." in the meantime, turning back to the u.s. and china. reportedly inching closer to a phase one trade deal despite the harsh rhetoric coming from both sides. democratic presidential front runners, elizabeth warren, sat down with joe weisenthal yesterday to talk about what trade policy would look like in a warrant administration. he asked whether she will lift the china tariffs on her first day in the white house. sen. warren: the president has no plan. >> what is the lisbon more and plan? part of it is to say we need an overall strategy on tariffs. is about terrorist

david: peter? peter: it's true this change in interest rate structure might have a slight easing effect. the primary purpose is to become more market oriented. they are trying to get away from this one year lending the rate that's the benchmark for all interest rates and move towards more of the people's bank of china acting more like the fed. using its control of reserves to influence the broad turn structure of interest rates. that's a big change for what still remains a command and control economy. it will be interesting to see how it happens. in the short term, yes, could be an easing. in the long term could introduce volume till lit. david: it's not just the interest rates. we also have opening up insurance with respect to futures trading. even at the end of the year investment banking in china they are trying to open up somewhat. make it more market driven. vincent: this is from the sources in asia tell me. this is a big move on the part of china to move the hub of asia, of financial markets

david: you really think so? >> absolutely. david: i don't know. this is in england. i like to know how stuart varney handles christmas dinner. >> you calling him cheap? david: no. that does it for "bulls & bears." >> another trading session for the record books. the dow, s&p and nasdaq all closing at all-time highs. the nasdaq over 9,000 for the first time in history. why ups is expecting a different kind of record. also this evening a christmas surprise goes empty. whatever happened to kim jong-un's threat of giving the u.s. a different kind of gift? plus a new year on the horizon, bringing impeachment t