Creating jobs and Economic Growth in the United States. The president also announced a deal with china. Shortterm restrictions f chinese students, taurus, and fitness childless. The latest organization hit with a huge database. Information on 800,000 employees. Customers who called also compromised data from window and online transactions. How secure is your iphone or your mac . Iphones are increasingly becoming the target of hackers. Hackers take advantage of a flaw to allow them to install fake apps on devices. Apple is aware of the issue and is fixing it. Google following in facebooks footsteps launching a new campaign for ebola donation. For every dollar a person gives on google, we will get to doubt give two dollars. Doctors without borders. Donate 15will million area president obama tries to drove u. S. Business in asia. He is also making point blank comments on key issues for america. The neutrality. Kong on the sec to protect Net Neutrality at all costs because he is opposed to the creation of internet fast lanes which would allow companies to a more for faster internet feeds. Independents an agency and the decision is ultimately theres a long, but the public has already commented 4 million times asking them to make sure that consumers and not the Cable Company just to decide which sites they use. America is making their voices for thed standing up pretzels that make the internet a powerful force for change their it as long as im president , that is what i will fight for as well your request strong words from the president. Have sleigh on what principles the sec adopts . Joining us now, former commissioners. Michael, let me start with you. What did you make of the president s comments . I am delighted. The president delivered on his pledge. It will take a backseat to nobody. The strongest possible kind of network neutrality. This shows we are not just talking about an agency or a set of technicalities or rules. We are seeing the president really understand this is important to the wellbeing of the nation very it is a driver of jobs, technology, democracy. I hope the fccnd and is listening and will vote at the earliest opportunity the strongest title to reclassification for the internet. Harold, what is your take . To be here with my friend, but i have a very different view of what is happened. I think it is a sad day for the government. We have the president of the United States visiting china, a company a country without a free and open internet, and he is calling on the fcc back in the United States to regulate the internet. Network neutrality is all about regulating the internet. I think the president s proposal has also put all of the commissioners, particularly chairman wheeler, in a very awkward position. Do what the president has said, they will effectively look like and be out this of the president. They are supposed to be independent ease, as the president said here there is not a lot of precedent for the president of the United States taking to television to instruct the fcc what to do. It is a very sad day. Michael, let me ask you about that. When we look at title two, which is not new law at all, just an interpretation of title to, title ii is part of the Communications Act of 1933, when the internet couldve been a fantasy, even. Do you make this is healing to the original principles, or is it new law . I do and we stray from those often as yes he seated in 2002 when a request the cable modem and went on to reclassify telecommunications generally. That old debate about regulation versus deregulation. About whether consumers or those huge isps will have control over your or my online experiences on the internet. All the talk about sending the wrong message, i think china is a good place, the fact that the president is in china when he makes the statement. This is about individuals having power over their online experience. If the threat comes from internet gatekeepers at home, or foreign governments abroad, it all comes back to individual human beings and Dynamic Technology to help us build a better future. Let me ask you, the notion of Silicon Valley, that the toll of the fast lane on the internet could denver competition, why forld comcast get to decide me as a consumer that i should be watching comcast or netflix the os because the amazon videos they did not pay more money for our slower to get to me . Lets be clear but all the socalled problems are hypothetical problems in the future. This push right now to regulate the internet is all about having a solution is urgently there there is no today. Mostnited states has the tannic and competitive online industry in the world. Disagree with you for a second here. Right now, comcast has the ability to speed up its own videoondemand service and effectively so that editors. That is happening right now. Is this is happening and there is an anticompetitive problem, the federal government has a great many weapons in its arsenal to go after that behavior. We have the department of the federal trade commission staffed by entirely professional people who i think do a very good job here at if there is something on the contest is doing, there are agencies that can go after them. It is not something the fcc needs to have some new form of regulation to take over the internet. Does the federal government already have a tool . They have the authority. With this proceeding, it reestablishes and reassert the authority the sec has had for years and years. You cannot say this is a solution in search of a problem. We have had comcast and extremity comcast, data caps, all of this stuff interfering with the internet. Ors threat is not potential problematic. This is during the time when isp passes are supposed to be in their Good Behavior because the fcc is the arena neutrality. Imagine if it does not pass open internet rule. Let the good times roll for service providers. The good times are certainly rolling here on bloomberg west. This is a great issue. All these people are commenting online. Online. S thank you very much. Threatens to change the way we pay for all sorts of things. How the big banks will keep up with innovation with Tech Companies moving to the other market. Legendary leaders of Silicon Valley to sit down with with bloomberg west to tell us what they think of chinese tech shot its tech giants. That is later this hour. I am cory johnson in this is bloomberg west. Apple pays the latest of products in Silicon Valley that need to change the way weeks change our money. Companies like paypal have been how do big banks and Credit Card Companies take a seat at the table . Emily in california has more. How is it going down there . Less are you jealous . I am so warm and cozy. Blue skies, we have it all. I have a wonderful guest. It is known for sun and warmth except when it is not. It is not the warmest today. The chief innovation officer at citigroup and ceo of City Ventures that really opened the City Ventures office or none of the big tanks are doing what youre doing. At thisied to look opportunity as creating a complete system of innovation, and part of that is starting with our investment activity. Compete . You we partner with them inhe opportunity we could bring to their companies as we can help their compete . Companies scale. We talk about the way we approach investing, to really in the city and find the right place to insert them and stay with them while we hope to commercialize. Square is focused on finance and the finance industry. Where we caning at accelerate the adoption of these technologies or capabilities. A company like square has been under a lot of scrutiny lately. Theyre going into serious areas. There is a lot of question about how big the market can really be. How do you respond . The market is huge. I have huge confidence in zak and sara and the way they think about the opportunity. We see them frequently every quarter and spend time together. Approach to solving big customer problems is inspiring. I have confidence and i think he will see great things there. How much more will you see than the delivery guy slaking my card . Is tohink the opportunity make this ubiquitous throughout the world. In jack anddence his capability to make that happen. With apple pay, there is a whole other thing going on here. Allit is all good and exciting. Classless about apple pay. Working it been like with apple so far . What is the most surprising and . We have been working with apple since the day we landed on the ground here. It has been a phenomenal. They are fantastic artist. We really explored a lot of different things. What about apple pay specifically . Apple pay is a very intriguing, typical apple, thinking about it and to and. The unique opportunity is seeing a way of giving customers more of that unique identifier number instead of their credit card number being recorded will be a very interesting play. It may be the breakthrough to finally take multiple payments to a new level. Is innovative within the status quo, so not that innovative, but what we have for the short term, how long is apple pay going to be it , and when will it be Something Else and something new . I think it is the opportunity to finally see breakthrough. We have so much going on. It is not about the technology. It is about the experience. If we can just make this more, we are solving things for tapping yourrsus phone. There is so much of that market to break into. Have been achieved advocate for women and womens initiatives for citigroup. We were speaking during a break about your diversity numbers, which are actually much better than the technology companies. Tell me about the numbers at citigroup. Classless have half of our community is women. Focused on is having more women represented in our seniormost ranks. Is far less than 50 . By cs we started program several ago about creating a very different way to help women achieve their potential by giving them advocates who work alongside them, and bring their capability to the forefront so when leaders are looking for the next opportunity for events, their names are front and center. We have seen great success. Apple and facebook are offering benefits. Ago aboutthey will pay for womo freeze their eggs. A good thing or a bad thing . Im having a hard time. So many young women work from the nec people waiting, and you worry about, having first children at much later ages, but maybe it was because i was so young when i had a child at 20 next, it seemed a lot simpler. I am not sure i am an expert on that. It is a tricky time for young people right now trying to figure that all out. You think they should not encourage women to wait so long . By setting women will make up their minds. All right. See yellow City Ventures, thank you so much for joining us today. Good to talk about all the stuff you are working on. Cori, back to you. They have gunfire could there. Get warm. Singles day coming up. It started in china. How many billions of people alibaba brings in . We will get the latest from china next. Welcome back. I am cory johnson. Alibabasingle day. It is a big number. They said they sold 1 billion in goods in the first 20 minutes. Joining me now, my partner ely chang. Emily, it has been a long time since you have been signal. Me too. I would like to buy some stuff for myself as well, though i am not ago. Lenny lives in china, was Singles Dating deal . Becoming a big deal. Ago, they years started offering deep discounts on things like cars, clothes, french wine, chandeliers, you name it here last year, alibaba sold 5. 8 billion worth of goods. The year before, only 3 billion. That is nearly a 3 billion jumped in a single year. Biggest shopping year of the world. Black friday and cyber monday in the u. S. Last year. U. S. Consumers spent about 3 billion combined those days. So much money is being spent in ,hina, by chinese consumers which i am totally a huge fan of. We have our producer on the ground that ali baba headquarters today. She spoke with the cfo. Take a listen to what he had to say. Summit people come to our shopping. R a very clear indication we could give them what they want. Shopping. It helps us provide value for the consumers. You have your pick. Some of the most popular brands this year. Gap, nike, you want your pair of shoes . A new phone . It helps us provide value for the consumers. The cards do not have the google navigation system. It is interesting to me to see alibaba and other retail efforts getting on board with this thing in the same way they are taking over christmas as a shopping day and not a religious holiday here. Knew you would want more than i have to offer. In case you dont realize it, it the date of11, singles day, which dates back 20 years to 1993 at a university in china are they started braiding bachelors a and make it a little more inclusive. This has been a longtime tradition. But only in recent years has it. E come a mega shopping holiday kind of like an antivalentine day. Demographic trends with a number of single people in china. Is one of the reasons it stands out as such an attractive such an attractive thing. Right. You have been seeing the rise. Theyre spending money on themselves because why shouldnt they . And that is what money is for. Thank you very much. More later today. Up next, the cofounder of linkedin and paypal. What should the ecommerce giant do next . Here next on bloomberg west. Is 26 minutes past the hour, which means boomer tv is a on the markets. A look at where stocks are trading here. A rally today. All three major averages gaining. The dow and the s p gaining and records. Helping to lead the game during this session. More bloomberg west is next. You are watching bloomberg west, where we focus on innovation, and the future of business. The annual Technology Conference underway with the biggest names in technology gathered in the sun with emily chang. Their live with the conference. No son still . With thelive conference. No sun still . Chris you keep rubbing it in. A great conversation here on stage. Longtime friends but on two completely different ends of the political and ideological spectrum. Peter is a little more extreme. One of the interesting things they have been talking about was a founder mindset and a founders meant how mentality. If you want may change in a company, you need someone to willing to take risks and make hard choices. Only bemes, that can the founder. Microsoft want to change, they would bring bill gates back. Hoffman said not so fast. A founders thats how doris founders mindset, he can make those hard choices as well. I sat down and asked cynically, what about paypal . This company is about beast and off from ebay , where they do not have the original paypal founders. Say. N to what he had to be successful at paypal, a leader has to take, i understand these are the things for success , these things we worked on as far, but we need a new thing thing, a lot of technological and organizational change to get there. Be successful without a founder capable of doing that. I know john has been talking to you, but it is the same for others. Public company. A publics ebay is company. As soon as he could kindly call me. About whating to me kind of person he should be looking for, and i said, ive never met him. He do not know how much confidence you have in him yet. Thatea Something Else is paypal will be better off as a private company first. It does not meet the scrutiny of a private company right away. How concerned are you . I would own hundred percent rate if you said, you can operate paypal the next five years and make the alterations that doing it at a private Companies Better than a public company. The challenge is it is difficult to get to the right framework to make that happen. It is not clear the capital set up for it would work. If you could offer as a private company, youre not doing quarterly or earnings reports. Try to figure out massive investment over the first couple years, a Much Stronger Company in five years. With the public is people say, i want a vision, but it creates a lot of tension in terms of laying in desolate in longterm investments. That would be better for paypal to start out in private, but it may not be feasible. How concerned are you paypal will become more vulnerable . Think it will certainly be considered as an acquisition target. Whether or not anything will happen will depend a little bit forhat the strategies are the acquiring companies and what the price point of a valuable asset is. Are a lot of discharge is for an independent paypal that would then play a Network Effect across these companies and create a lot of value for the ecosystem. A Good University plays out that way. Of,s also a question innovating a google, or maybe there are complexities around alibaba, but if you integrated with another company, maybe Something Interesting would happen as well. If you want my adulation him a i have zero inside information, i would expect alibaba to be more likely to go after the marketplace first year he they first. Information, but if i look at how theyre trying to play in terms of the global market, that might be the first step. I wonder if twitter is a company where, we all know about that rusher is under. A lot of talk of management reshuffling. A place where founder would be in a better position to lead . A founders mindset. Part of the reason he is doing that was reshuffling is he is willing to take criticism to find the right answer. Iu have to be willing to say, need to make changes and i know i will get a lot of business, but i will it or it, as i wait. He is aware of the criticism he would get in advance. Has been a founder of company and he is capable of making that kind of decision of, here is the new thing, we will entirely on this effort. So i think i would say i am bullish on his ability to at least bring the founders mindset. I think he is thinking intelligently. You are in a perfect position to know how difficult it is to grow users of a social network. Twitters user growth is slowing down. Do they need to evolve the product faster . That is unquestionable yard yes. S. E. C. A lot of the changes didnt changes to his making, this, how do i take those the right way with the organization. Those were a lot of the shifts he was making over the last six months. He is saying, this is the hors