tv The David Rubenstein Show Peer to Peer Conversations Bloomberg December 29, 2021 8:30pm-9:00pm EST
>> 8:30 p.m. in new york, 9:30 a.m. in hong kong, i am vonnie quinn. sensetime has made its debut after a delayed ipo thanks to government sanctions. it rose in the premarket, and is rising now. we will continue to track that for you. we spoke with the company on post-ipo runs with the ipo. the interview was taped december 3, before the company was sanctioned. have a look. >> we would like to invest in
infrastructure and r&d in artificial intelligence. the production cost for technology is a key factor in commercializing it. so the second phase of industrialization is to reduce the cost to a lower level, so it can be used in all kinds of scenarios in our daily lives. 60% of the capital raised in this ipo will be spent on research and development to build up an infrastructure, and algorithm center which will be used for mass production of a.i. models, increase productivity, and reduce costs. >> so what is your company doing in order to make sure that you are compliant with china's new data security laws? >> sensetime always attaches great importance for data security. i think the biggest layer in the ai industry, we should work with other players to formulate industry standards.
data can only be safely circulated and used once a standard is established. i believe that will benefit the whole industry. >> the sensetime ceo, speaking to us exclusively on december 3. here is how the trade is setting up in shanghai and hong kong. this is bloomberg. ♪ ♪ david: this is my kitchen table and also my filing system. over much of the past three decades, i've been an investor. the highest calling of mankind, i've often thought, was private equity. [laughter] and then i started interviewing. i watched your interviews, so i know how to do some interviewing. [laughter] i've learned from doing my interviews how leaders make it to the top. >> i asked him how much he wanted. he said $250,000. i said fine. i did not negotiate with him and i did no due diligence. david: i have something i would like to sell. [laughter] and how they stay there. you don't feel inadequate now being only the second wealthiest man in the world, is that right? [laughter]
one of the most powerful people in washington today is senator joe manchin who is the democratic senator from a republican leaning state, west virginia. he really holds the key to how much legislation is going to get through the senate. i had a chance to talk to him at the economic club of washington about his views on a variety of important issues now facing the senate and the country. senator, thank you for coming. anything new lately? sen. manchin: not much. [laughter] david: it has been reported in the press you were spending the weekend in delaware. anything you can tell us? sen. manchin: i had a nice visit. i really did. i had a nice visit. president biden and i have known each other for quite a while. but you know, knowing each other in the political arena and knowing each other as a person is a different setting. since he has been president, we got to know each other as who we are and hopefully he knows who i am, and i just basically said to
the president, i said, mr. president, my philosophy of politics is this -- when i got involved in 1982, i always thought government should be my partner, not my provider. david: as a result of the session you had with the president, do you think you came away with understanding of where the country is going on all these bills? sen. manchin: well, and i have said this, i think you will remember a couple of months ago, i thought long and hard about taking a strategic pause. a lot of the things in this reconciliation bill, a lot of the things, we had covered in the american rescue plan. and if you look at the american rescue plan bill we did, it covers a lot of the things we are talking about into 2023. so i didn't see the urgency that someone is going to be left without any type of cover coming out of the covid pandemic. and the whole reason about what we did in 2020 to the extent we
did what we did was trying to prevent the country from going into a health crisis or a financial crisis and we did that. now i said the unknown was this. we didn't know whether covid was coming back. we didn't know what was going to do. we are still seeing valleys and spikes. we did not know if inflation is transitory or not. now we're finding out it might not be transitory. and then the biggest thing that i had concerns about which you don't hear people talk about much, was the geopolitical fallout of how we left afghanistan. because i know, my little coal town where i come from, just human nature was, if there was a bully and you saw somebody smack that bully and make that bully back down and everybody else is ready to take their shot. david: to finish on the session in delaware -- [laughter] sen. manchin: he's not going to let this one go, is he? david: did you leave thinking we are making progress and you said
to the president, here is my bottom line and if you can deliver this, you have my vote? sen. manchin: i don't think you should negotiate -- no one should negotiate with the president or anyone else, if you aren't negotiating in good faith. i have always tried to put myself in the other person's shoes. i want the other person to understand who i am. if they can put themselves into who i am and i into them -- reverse roles and look at it. when i left, it was a very positive meeting. we know there's a lot of things we can do to make a more perfect union. david: when you go to a president's house like that, i guess you can ask for anything you want to eat because they will serve anything, because they want to make you happy, right? sen. manchin: the thing was we had a good time -- i kidded him. he was always supposed to be the poor senator. but he had an eye for real estate. [laughter] so i told him, mr. president,
you didn't do too bad for a poor senator. we talked about that. but he built the home, and i was very impressed. he did a heck of a job. he designed the whole thing. a very nice home in very nice setting. he has some neighbors and one neighbor is not of his political persuasion. if he parks his car four inches over, sometimes he hears about it. david: even when he is president? sen. manchin: more so when he is president. david: when you are negotiating with him or meeting with him, are you representing senator sinema or does she represent herself? sen. manchin: one thing you learn about being in the senate, you can take care of yourself if you're lucky. david: so she has her own views and you have your and views. sen. manchin: i respect her very much and she is a friend of mine. i think we bonded because i have been adamant. i have been there long enough to vote in 2013 against a nuclear bomb, against getting rid of the
filibuster. at that time, senator harry reid did. in 2017 when mitch mcconnell did it for the supreme court and i have been steadfast on that. then to find out i have another person who feels as strong as i do, was welcome. david: so, is all the attention you are getting pleasurable or a pain in the something or other? sen. manchin: this position, i would not wish it on anybody. people keep talking about power. i look at in this room and all the power in this room. you all have been around, all of us have been around long enough watching life and watching how people basically navigate through life. i've seen people with an awful lot of power that abused it. i said, why would they do that? i've seen people who sought power and destroyed themselves trying to gain it. i've seen people taking a moment of time. and i'll tell now, a moment of time is this. we better bring our country together. it is the united states of america, not divided states of america. we better start working on that. [applause]
david: you are the key vote in so many things going on in the senate. and senator kyrsten sinema as well. is that fun? sen. manchin: there is nothing fun about it. i always said this, i kept thinking, because obviously, i was there in 2009 when they were doing the affordable care act. i kept thinking, if i was had been senator at that time and it had come down to a swing vote like it did with a couple of moderates at that time, i think i could have made a difference there, because i understood how it was delivered in the states, the people that were going without, the people that needed it. but also people who could abuse it and take advantage of it. lo and behold, 10 years later, i find myself in the position in every vote. 50-50 senate. who would have thought it would come down to this? david: is it your view we should keep the current filibuster role? even for the voting rights bill you authored? sen. manchin: i watched the democrats use it against trump in a lot of things. we were able to stop things that
just didn't make sense to us. so how can we, just two years ago, three years ago, 39 democratic senators led by our leader basically sign letters, please, mitch mcconnell, don't do away with the filibuster. now, all of a sudden it becomes, please get rid of it, because it will help us more. it makes no sense to me. david: the voting rights bill, you have authored an amended version of the voting rights act that you thought would get through the senate. it does not seem like it is getting through. what do you think is going to happen with voting rights? sen. manchin: let me say, i didn't author it. i had input, because i saw the for the people act and was aspirational. everything you can imagine was in the bill. we are trying to protect the voting rights act of 1965, which got shot down in the shelby decision in 2013. we haven't even fixed that. we haven't even fixed that, because basically it went from nine states to 13 states and they threw it out.
and i said, really all 50 states should be held responsible and accountable. in my mind, when i was secretary of state, weise to have secretary of state association meetings. we were always competing to see who would get the greatest turnout. now i am realizing people are basically looking at the advantages they would get if people don't vote, if certain people don't vote. that is beyond my comprehension. but it is the reality we are dealing with. it has got to be corrected. i cannot believe that my republican friends don't see it that way. i still can't. they keep saying, well, joe, how many republicans you got? i'm working and talking to every republican and i said, what have you done? who is the last person you talked to on the republican side? i need a little bit of help. ♪ david: are you worried about the debt limit not being passed in december? sen. manchin: it is crazy for us to use that as a political weapon. ♪
david: the debt limit. we have extended it until december. are you worried about the debt limit not being passed in december? sen. manchin: it is crazy for us to use that as a political weapon. it is absolutely insane. i think that basically we should come to an agreement, call a truce. and david, the thing that
bothers me more, i do and see our leadership working together. i don't see people talking, having dinner or coffee or even having a conversation on the floor. you will see a few of us going back and forth. this and that if you are watching. if you are, you are more troubled than i thought, if you're just watching c-span and seeing us going back and forth. [laughter] but the bottom line is, no one is working and talking. if you are not going to communicate, the easy way to do it, get rid of the filibuster. that's easy. sure. all of this is easy. david: would you be in favor of eliminating the debt limit? just get rid of the debt limit? sen. manchin: the president has the right to make that decision and we have the right to override if we think he went too far. that to me is the difference. it takes all of the politicians out of making the deal. the thing we got caught in a conundrum right now, the republicans say i want you to set the debt limit. it's going to be $31 trillion. we are right at $29 trillion now. who is going to set that one? the one we have right now is $28.4 trillion. that is going to slide into december. basically, the only way we can do it right now is if the
republicans would not agree and i don't think we should change the rules by ourselves, which is called the nuclear option. this should be something that is done, that is going to hold. ok, the president has that authority, we have the authority to review and override. david: based on your experience, you would expect sometime in december they will figure out how to extend the debt limit? sen. manchin: before that. it should not come down to the limit again. if we can't do it and they don't agree on that, the democrats have the responsibility being the majority party right now to do it through reconciliation. to do it through reconciliation, you have got to set a number. that is our responsibility and i will do it. david: what about the continuing resolution to fund the government? do think that will go to the last minute? sen. manchin: everything goes to the last minute, and it is a shame, because no one is talking until the last minute. it becomes a crisis. we can still manage through a crisis. it is a shame you have to run the greatest country on earth through a crisis. david: the senate democrats and senate republicans, do they socialize or talk to each other very much?
or is it not considered to be appropriate to be talking to people of the opposite party very much in the senate? sen. manchin: it is a shame you see some of that going on that . people don't talk to people that much. i make it a point to have dinner with them or meet them somewhere. i always do that and try to and i think there should be something to where at least the leaders have to have lunch one day a week should i would think that would be good. you know what we do? we have caucus lunches. republicans go over here and democrats go over there. johnny isakson would have all the people from georgia come up into a big barbecue thing. even then, it did not last much longer. david: so you have a republican colleague in the senate, senator papineau from west virginia. sen. manchin: very good friend of mine. david: how do you get along? sen. manchin: we get along good. one night we were voting late and we missed the plane. i said, i'm driving. you want to ride with me? she said count me in.
so about 10:00, we take off for west virginia. i drive a little bit fast. at night i drive fast. david: within the speeding limit. sen. manchin: well, i won't say that. [laughter] so we were driving, and regard picked up for speeding. [laughter] david: when you get picked up, they know who you are so what do they do? sen. manchin: state policeman comes to the door and he says, governor? i said, i am a senator. he was one of the troopers that i had when i was governor. so i thought i was in pretty good shape. [laughter] david: i guess you did not get a ticket. sen. manchin: the funny part was when he said, my god, it's both of you. [laughter] david: are you worried the senate and the house could flip to the republicans in the midterms because that often happens in these first-year -- sen. manchin: we did not have a much of a buffer going in. it wasn't like we had a bit of bench strength here. david: are you worried about this?
sen. manchin: i'm the chairman right now of a committee which i enjoy very much. i have been ranking before which on the committee, which is the minority part. lisa murkowski, one of my great friends and dear partner, and we worked really well together. but it is much better off when you can control the agenda. you can't do anything about it. i have always said that the best politics is good government. today, that is not what we are practicing. today, it's not about -- the republicans are missing a golden opportunity not to jump on the infrastructure bill. and be overwhelmingly bipartisan. and taking credit. i've seen people take credit of good legislation that voted against it. david: i can't believe that happens in washington. [laughter] ♪
david: so is this making you more popular in west virginia or less popular? sen. manchin: it depends on what corner of town you go to. david: do you go back? sen. manchin: i go back all the time. i love my state. i was born and raised in a mining town. i saw people who worked all the time and shared what they had and took care of each other. took care of people who cannot take care of themselves.
if they were mentally or physically handicapped, the tone always picked up, i mean i saw the good in small town america and what the united states is. i thought, maybe the whole country could be that way. david: west virginia it used to be a solidly democratic state. when john kennedy ran for president, it was a very democratic state. now it is a republican state. what changed? west virginia or the country? sen. manchin: i couldn't believe -- i was very blessed with having good support from republicans, democrats, independents. i never got the far right or far left. i can understand that. we never ran our country or our states or politics from the far left or far right. i gave a speech one day the , first time we came back off covid to bethany college. their graduation, a beautiful little college in northern west virginia. i walked on the stage. they gave me a speech. i have good people who work with me. what do i say? you have been cloistered in for one year.
and i had nothing on paper or nothing in my mind i was going to say as i walked to the podium. i'm thinking, man i don't know , what to say. i walked up and i apologized. i am sorry. i've been radicalized. they looked at me and i don't know how that came out that way. i said, i have been radicalized. i said, your grandparents have been radicalized. our generation was radicalized because we don't understand what is going on. you understand? i never had computers. i never had cell phones, any of those growing up. i got my news pretty much down the middle cbs, abc, nbc. ,i will never forget one time when john kennedy was running for president and west virginia was a swing state. my parents were all excited. i did not know why they were excited about politics. the young person running and he was a catholic and we were a catholic family. there's not many catholics in west virginia so they were all excited. so i got excited. we were watching television and
it had to be walter cronkite who said it has been said if john kennedy becomes president, the pope will run the country. i looked at my mom and i said, boy, you don't know the catholics we know. [laughter] that is all i could come up with because i've never seen anybody tell a catholic, a protestant, or a jew anything. they're going to make their own minds up. david: have you ever thought life would be easier for you if you shifted to being a republican? somebody said recently people have approached you about doing that. sen. manchin: every day. david: wouldn't life be easier? sen. manchin: it would be much easier. my goodness. is that the purpose of being involved in public service? if it is easy? david: are you thinking about doing it? sen. manchin: no. what i'm telling you now is who i am. do think by having a d, i, or r is going to change who i am? i don't think the r's would be anymore happy with me than the
ds right now. i don't know where in the hell i belong. david: is being governor more fun than being a senator? sen. manchin: oh my god yes. [laughter] being governor, how i got involved in politics, i was upset because i saw a guy come in one time to talk to my father. i was 35 years old with no kids. i had no intention of getting involved in politics. not at all. i saw guy came in and he started talking about favors. this was a local politician. when he left, i said he made it look like that he was doing you a favor to take care of people , it is his constituency. he is not doing his job. it got to me like a knife, i said i'm going to run. my dad says you don't want to get involved in politics. that is not a good profession. how prolific he was back then. to understand that. i said, dad you are hypocrite. ,i thought he was going to hit me. he looked at me and said, why would you call me that? i said, you always said you want good people involved who have good values.
they should get involved for the right reason. i said, i think i was raised right. i feel pretty balanced. he looked at me and said, you are right. let's go get him. i ran and i won. i was one of 100 and the house of delegates. i said, you know what, if i was in the state senate, i would be one of 34. i would have three times the ability to help people. then i said if i was governor, i , would be one of one. i could do something. now i'm back to one of 100. i have come full circle. [laughter] david: you are up for reelection in 2024. sen. manchin: 2024. you are going to run again i assume? sen. manchin: i'll be 77 years old. what do you think? david: that is young in the senate. the president is older than that. that is young. you haven't decided yet? sen. manchin: i haven't decided. [laughter] i haven't decided. if i think i can contribute and be productive in this moment of time we are in right now and we can balance some things out. the thing that bothers me more than anything is i don't hear
the words "this would be good for our country," when we are thinking about fixing a problem until someone tries to justify if you are on the right or left. then saying we're going to do this because it is good for the country. you're going to do that because it is good for the party. [applause] david: in 2024, there is another election. president of the united states, you wouldn't think of running the president? sen. manchin: i would be one of one again. [laughter] david: you could be like a governor. sen. manchin: i have not thought of that. david: you have not ruled out. sen. manchin: you want to be a campaign manager? david: you wouldn't win if i was campaign manager. sen. manchin: i support joe biden. i really think he was the right person at the right time. we just have to balance things out. david: how do you think the biden administration is doing? sen. manchin: they're having a little struggle right now. i really think so. we have to rethink this whole thing. i'm thinking i agree with him getting out of afghanistan.
david: you were happy with the way it occurred? sen. manchin: nobody could be happy with the way we got out. no one could be happy about that. there is not a good way to get out of these things. there had to be a thing better than what we did. you can look at it from that standpoint. but i think he understands foreign policy. some of the things we have talked about, we have different concerns around the world. the united states has to be ready to do what we do. defendant democracy. david: if the election was held today, the presidential election was held a year or so ago, would west virginia vote the same way? west virginia is still not that supportive of -- sen. manchin: i would still vote for joe biden but i would be in the minority. david: in your view, west virginia is likely to stay republican for presidential purposes for the foreseeable future? sen. manchin: west virginia was republican up until the depression. in the depression, a change to an fdr state. but we were always a conservative democrat. we were the northern most southern state. we are on the mason-dixon line. we flipped in 2010.
when we flipped, we flipped harder than any southern state ever flipped. david: the most important issue in west virginia is what? sen. manchin: the respect and dignity of who they are as a human being and this society we have and this culture we have , understanding us. we are the hardest working people. but i don't have enough workers. i can tell you my state grew in immigration back in the early 1900s. people came here because they wanted to work. i need workers. we need people who want a quality of life for themselves and their families. i have a lot of elderly people. i have a high percentage of elderly, and they talk about social reforms. i said, wait a minute, if social security and medicare is not solvent and the trust funds are not solvent, you're taking away a lifeline people have right now. why should i expand all these social services when i can't even pay for what we got? david: you enjoy being a senator with all of this pressure on you? is this fun? sen. manchin: there is no fun. they say how are you taking the pressure? i said, well, i have a responsibility to do my job and
i'm going to do my job. i am going to explain myself. i have always said if i can't go home and explain, i can't vote for it. you might be my best friend, i said, can you give me a pass on this one? my dad said if you can say no with a tear in your eye, you might be ok. i've been crying a lot lately. [laughter] ♪
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>> it is 9:00 p.m. in new york, 10:00 a.m. in shanghai. sensetime shares jumped in their hong kong debut. the firm had delayed its ipo after being sanctioned by the u.s. treasury treasury department earlier this month over suspected human rights abuses. sensetime sold 1.5 billion shares in the offering, raising 740 million u.s. dollars. >> 60% of the capital raised in this ipo will be spent in research and development to build
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