Carlyle’s David Rubenstein, Mega-Bank Architect Sandy Weill, & a Blast from Warren Buffett’s Past

Squawk Pod

CNBC

Investing, Business, News, Business News

4.2 • 543 Ratings

🗓️ 12 June 2020

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Investor, philanthropist, and author David Rubenstein, co-founder of The Carlyle Group, discusses the market sell-off and a bumpy economic recovery amid two simultaneous crises in America. The “father” of big banking, Wall Street legend and former Citigroup head Sandy Weill is working to address inequality by reforming classrooms alongside NAF CEO JD Hoye. Weill and Hoye explain education’s role in closing opportunity gaps for Black Americans, and they offer executives a way to participate. Plus, in 1962, the US markets experienced a “flash crash” in the last 70 minutes of a May trading day. One day later, a 31-year-old Warren Buffett gave an interview on his takeaways from the market’s alarming sell-off. Becky, Joe, and Andrew share an excerpt of that interview and discuss Buffett’s perspective and The Kennedy Slide.

Transcript

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0:00.0	This is Squawk Pod. I'm C.N.C. producer Katie Kramer today on our podcast.
0:06.0	David Rubinstein, the Carlisle founder and co-chair and major philanthropist on U.S. economic recovery
0:12.0	as COVID-19 fears surge with new case numbers.
0:15.0	I think the bottom has been hit. I don't think it's going to get deeper in terms of a
0:19.4	recession than what we have now. I think we're coming out of it.
0:22.0	Executive priorities from former head of Citigroup, the father of Big Banking, Wall Street
0:27.1	legend Sandy Weil.
0:28.1	The CEO has three real responsibilities. One is to their employees to have a safe environment to work in.
0:36.3	The second is to a responsibility to their shareholders.
0:40.1	And third, they have a social responsibility that really hasn't worked as well as it should have.
0:45.7	And addressing American inequality through education and internships, Wiles work with NAF,
0:50.8	the National Academy Foundation CEO J. D. Hoy.
0:54.4	We have companies leaning in.
0:55.8	We need more.
0:56.8	We need more companies willing to say high school students matter in our long-term diversified pipeline strategies for the future.
1:06.0	Those stories, plus a blast from Buffett past, the Oracle of Omaha as a young man on the move.
1:12.0	Maybe the stock market is really correcting a previous incorrect
1:15.0	forecast this time rather than making a new correct one.
1:17.6	It's Friday, June 12, 2020, Squackpot begins right now.
1:22.4	Good morning morning everybody.
1:24.0	Welcome to Squawk Box here on C.
1:25.0	I'm Becky Quick along with Joe Kernan and Andrew Ross
	...

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