The Daily Show: Ears Edition - Jeff Flake Won't Challenge Trump & Howard Schultz's Potential Run Makes Waves | Sallie Krawcheck

Episode Date: January 30, 2019

Acting AG Matt Whitaker says Robert Mueller's investigation is almost over, Howard Schultz's possible 2020 run causes a stir, and Ellevest CEO Sallie Krawcheck stops by. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

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message to personally reach out to your favorite candidates and encourage them to apply sooner. Ditch the other hiring sites and let Zip Recruiter find what you're looking for, the needle in the haystack. Four out of five employers who post on Zip Recruiter get a quality candidate within the first day. Try it for free at this exclusive web address. Zip Recruiter. tocom. The candidates for November are set. I know Donald Trump's type. Between now and Election Day.

We are not going back. A campaign season unfolding faster. Kamala Harris is not getting a promotion. Then any in recent history. Make America great again. Follow it all with new episodes every weekday on the NPR Politics Podcast. January 29, 2019. From Comedy Central's World News Headquarters in New York,

this is the Daily Show everybody. I'm showing up. Thank you for tuning in. Thank you for coming out. Thank you for coming out. Our guest tonight. Our guest tonight is a title of ti-saleen of-Wal Street, BOO, who's company Ellevest is transforming, investing for women. to women.

Yay! Sally Krochak is joining us, everybody. It's going to be a really fun conversation. Also, also, on tonight's show, your iPhone is always listening. Jeff Flake does the most flaky thing ever, and Starbucks is ruining America in a new way. But first, let's catch up on today's headlines. The Mueller investigation. It has been going on forever. When Moses came down from the mountaintop,

he was carrying 10 commandments and two Bob Mueller subpoenas. But now, we've got an update. And now, I don't know if you guys remember this, but after Trump fired Jeff Sessions and sent him back to the marshmallow mines, he replaced him with this man, Matt Whitaker, current attorney general and former Hank from Breaking Bad. And yesterday, the acting AG surprised everyone with news about when the final season of the Mueller investigation will drop. Tonight, for the first time publicly, the acting Attorney General revealing the highly

anticipated Mueller probe into Russian election interference is almost finished. I've been fully briefed on the investigation. The investigation is, I think, close to being completed, and I hope that we can get the report from Director Mueller as soon as we as possible. Okay, uh, is that Sean Spicer in costume? What was going on there? And I also don't know what's in that report, but Trump's AG seems really nervous. Like, did you see how much he was sweating? What is going on? Like, forget collusion. I think Trump might have murdered someone.

Like, what happened? Did they hold the press conference in a hot yoga studio? Is that what this was? Like it looks like the halftime interview of a basketball game and Mr. Clean was playing point card. That's what it looks like. Honestly, and I'm not trying to be mean, but this guy looks like my doorknob after I take a shower. That the acting attorney general. Can we just dangle him over Michigan and fix the Flint water crisis? Can we do that? Like, I can't understand why he's sweating so much. Maybe if we zoom out, we'll understand why we... Ah, that's what it is. That's, yeah, from lift, that's why I never work out at the desk or ever.

All right, moving on to do that. And apparently, now they've seen Black Mirror and said, we want to do that, too. A province in northern China has a new app called the map of dead-beated debt. Yeah, the app tell the app enths of a mile of someone in debt. The purpose is to get citizens to monitor debtors and report them to authorities if they seem capable of paying their debts. Okay, this is the craziest thing I've ever heard a government do. They've given Chinese citizens an app that tells them if someone around them is in debt, and then they have to report them. But it only works when the person the person is w The person is w The person is wi is is wi is wi is wi is wi is wi is wi is wi is wi is wi is wi is within is within is within thi thi thi thi thi thi thi thi they's thi they're thi they're thi they're they they the they're the they're they're they're they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they they thi thi thi the.. theeeeeeeeeeeeeeeeeeeeeeeeee theeeeeeeeeeeeeeeeeea they seem seem they seem they seem a mile. Why? Why that distance? It's not like you can catch being poor, right? Or maybe it is. Maybe that's why they're always

wearing those masks in China. I thought it was pollution, but they're really just nervous about running into someone wearing knockoff Jordans. Maybe that's what it is. I gotta say though, this feels very dystopian when it happens in a surveillance state like China, you're like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the their, their, the women in America would love this app, right? Like how cool would it be if every time a broke-ass dude came up to you at a bar, an alarm on your phone just went off, you know? Just guys like, hey baby, how you doing? Better than your credit score. It would be amazing. It would like completely throw-off heckling.

It would be like, damn, girl, can I buy you a drink? Uh, not according to my app, you can't. Speaking of apps, FaceTime. It is the favorite app of grandparents and people who pushed the wrong button when they just wanted to make a call. And now you might want to delete it. Those new concerns about Face Time, a glitch affecting the popular iPhone feature was discovered overnight. It allows users to eavesdrop on your conversations,

access your camera even if you don't answer the phone. The major glitch uncovered overnight lets a face-time caller immediately hear the audio from your phone before you've accepted or rejected a face-time request. It essentially turns your phone into a hot mic, letting callers easeavesdrop on you, even lets them access your camera without your knowledge. Yo, this is crazy. Someone can phone you on face-time, you don't answer, and then they can hear everything that you're saying while the face-time is ringing? That's a real problem.

Because you realize the only thing you say when someone tries to face-time you is how much you don't want to face-time then. That's the only thing I say. Yeah. Like every time it rings in this face time, I'm like, oh great, not got to have a stupid conversation with this. Oh man, I just don't know. Hi. All right, let's move on to our main story. The 2020 presidential election is now just 643 days away, which is super close. You realize that's barely enough time to have two babies, or three really unhealthy babies. And because the election is so close, people are starting to ask, will anyone dare to challenge President Trump for the Republican nomination?

And today, former Senator Jeff Flake boldly stood up and pulled his hat out of the ring. Before we start, I want to find out if you want anybody to call you President. Are you, are you, are you, you thought about running in 2020? Are you going to run? I've always said that I do hope that there is a Republican who challenges the president in the primary. I still hope that somebody does. But that somebody won't be me. We need someone to fight Trump.

But it's not going to be me. You know what I love about Jeff Lake, right? Is that he always gives the inspiring speech, but then he never goes on to do the inspiring thing. Like, I feel like if he was around during the Old Testament, when the giant Goliath walked out, he would have been like, he may be a giant on the outside, but I now see we need someone who's a giant on the inside. And I don't know if you guys have seen that kid Dave, like with a slingshot. He's like really good. Like he should fight. Not me. That's crazy. Not me. So once again, Jeff Flake is not going to stand up to Donald Trump.

So for now, the only choice is the Democrats. But unfortunately, we already have the first Democrats to drop out of the race. Yeah. West Virginia State Senator Richard O'Heda. And I know what you're thinking, no, not Richard O'Hada. And also, who is Richard O'Hada? Well, if you didn't know before, don't worry about it, because he's already done. You know, to be honest, I don't even understand

how you can burn out this quickly. Like, the campaign barely started, and he's already out. He's like those chach-ch'erda'a'a's th' th' on lap two, and then by lap five they just go lie down on the grass. Like that's not how you win a marathon. Just ask the Kenyan, come on people, you've got to pace yourself. You've got to pace yourself. But the big news, the big news in the Democratic race isn't even coming from a Democrat right now. No, it's coming from the Starbucks tycoon and CEO who promises that Robocop is safe, Howard Schultz. Right now, his potential run as an independent candidate

is making the Democrats shit themselves, which usually only happens after you drink his coffee. You see, because Schultz, he has policies that are basically liberal. So there's a good chance that he could end up taking up votes that the Democrats need. And don't forget, in 2016, the Democrats only lost the electoral college by 78,000 votes. So every vote counts. So a Schultz candidacy could swing the election to Trump, which is why when he showed up at an event in New York City, someone in the crowd let him know how most people feel.

This morning, Starbucks tycoon Howard Schultz is getting roasted after announcing he's seriously considering running for president as an independent. Heckel during a Q&A session in New York City, Monday night. Don't help elect Trump, you egotistical billionaire assho? Oh wow. You egotistical billionaire asshole? That's really harsh. I mean, not for New York. That's just how we greet each other here. It's just, yeah, for everywhere else. But here it's just like, hey, asshole, congrats on your new puppy. Thanks, he's a blessing, your prick.

So, Democratic leaders don't want Schultz entering the race. It doesn't seem like Democratic voters want Schultz entering the race. But there is one person who definitely wants him in. The make-believe billionaire in the White House. The president himself is taunting the potential third-party challenger, tweeting, Howard Schultz doesn't have the guts to run for president. Watched him on 60 minutes last night, and I agree with him that he is not the smartest person. Overnight, President Trump told the crowd at a fundraiser at the Trump hotel here that he

was trying to get Howard Schultz into the race with his earlier tweet because the New York Times. Trump is so smooth, man. Huh? Tries reverse psychology on Howard Schultz and then tells everyone he's doing reverse psychology. Yeah, I'm gonna tell him he shouldn't run, folks, but it's only a trick to get him in the race. It's like psychology, but in reverse. I'm thinking of calling it upside down, magic talk. We'll be right back. Finding great to try to find a needle in a haystack.

You might get a try to find a needle in a haystack. You might get a lot of resumes, but not enough candidates with the right skills or experience. But not with Zip Recruiter. Zip Recruiter finds amazing candidates for you fast. And right now you can try it for free at Zip Recruiter's smart technology identifies top talent for your roles quickly. Immediately after you post your job, zip recruiters powerful matching technology starts showing you qualified people for it, and you can use Zip Recruiter's pre-written invite to apply message to personally reach out to your favorite candidates and encourage them to apply sooner. Ditch the other hiring sites and let Zip Recruiter

find what you're looking for, the needle in the haystack. Four out of five employers who post on Zip Recruiter get a quality candidate within the first day. Try it for free at this exclusive web address.ziprecruiter.com slash zip. Again, that's zip recruiter.com slash zip. Zip recruiter, the smartest way to hire. The candidates for November are set. I know Donald Trump's type. Between now and Election Day. We are not going back.

Kamla Harris is not getting a promotion. Then any in recent history. Make America Great Again. Follow it all with new episodes every weekday on the NPR Politics podcast. Welcome back to the day show. My guest tonight has overseen some of the world's top financial firms and is considered one of the highest ranked women ever to have worked on Wall Street. She's now the CEO and co-founder of Elvest.

Please welcome, Sally Krochak. Welcome to the show. Thank you. Great to be here. It is good to have you here, especially in this time. It feels like businesses are in the news for how they are handling, moving into a space where women are included. The gender pay gap is a large conversation that we are having. As a whole, it feels like the world is moving in the right direction.

As somebody who's been a CEO though, do you agree with that? No, as someone who's a person, I don't, and a woman, it's not happening. The gender pay gap, which is decades away from closing for white women, a hundred plus years away from closing for black women, 200 plus years away from closing for Latino women. Wow.

Right? The number of female CEOs in the Fortune 500 has declined by 25 percent. We're not making any progress. We're not moving forward. And this is despite the fact that there's reams of research out there, Trevor that says that, you know, as a capitalist society, we look for better returns. And that greater diversity at the theeeeeee thiiiiiiiiiiiiiiiiiiiiiiii, thi, thi, thi, thi, thi, thi, thi, thi, thi, thi, thi, thi, thi, the, the, the, the, th, th, th, right, right, right, right, right, right, right, right, right, right, right, right, right, right, right, right, right, right, right, right, right, th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. the, the, the, the, the, the, the, the, the, the, the, thean, thean, thean, thean, thean, thean, thean, thean, thean, the thean, thean, th you know, as a capitalist society, we look for better returns. And that greater diversity at the top of these companies can lead to better returns, higher profitability, greater innovation, etc.

And we are going sideways at best and in many cases backwards. So you were a CEO of Smith Barney, Merrill Lynch wealth management. When you were in those positions, what did you notice from the top? Is there something that happens maybe when you're a CEO where you're like, oh, I can't help the ladies or, like, what, is there a roadblock that is an institutional thing? What is it? Well, you know, the pipeline. We've got our diversity committee and we've got our mentoring program and, you know, but we need to let our managers manage.

And so I think CEOs really do believe in the power of diversity, but middle management is where diversity goes to die. Because when it comes time to promoting the next person and you say, well, I think I read some research one time about diversity, drives better results. But that young man, that young man who reminds me so darn much of myself when I was younger, I just feel like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like like, that young man who reminds me so darn much of myself when I was younger, I just feel like he's going to do a better job. That's a powerful way to put it because you read so many times about how people hire the

people who remind them most of themselves. And so you have a vicious cycle of these men who are white, hiring white men who remind them of themselves. And sometimes it's an implicit bias. But you've come out and said that you don't believe that bias training helps. You don't believe that these like diversity programs help. And in fact- Why don't we just say everything we're doing doesn't help? Wow. That's right?

If we're not moving forward, what we're doing isn't working? What do you think would help? deciding that it will be done and having it be done and overruling their managers who aren't getting it done and really paying them for it. That's what works. Mark Benioff at sales force saying I'm, you know, forget about the reasons that we're paying this person, you know, this woman lesson, this white guy, this person of color. We're just closing these gender pay gaps in just doing it is what makes the difference. Let me tho the the the the the the the the tho tho the the tho tho tho tho tho tho tho thi thi thi thi thi. thi. thi. thi. thi. thi. thi. thi. thi. thi. thi. thi. thi. thi. thi. Mark thi. Mark thi. Mark thi. Mark, thi. Mark, thi. Mark, thi. Mark, thi. Mark, th. th. th. th. th. th. th. th. th. th. th. th. Mark, I th. Mark, I thi. thi. Marks, I thi. Marks, thi. Marks, thi. Marks, thi. Marks, thea. Marks, thea. Marks, thea. Marks, thea. Marks, thea. Marks, thea. Marks, thea. Marks, the. Let me ask you this then. The argument that you hear a lot of CEOs say or middle managers or anything they always come back with the same thing.

They go, well, Sally, I want to, I want to, I want to give these people promotions, but I mean, I don't just want to give the job to someone because she's a woman. You know, I mean, I want to lower our standards. Let's grab a beer. We should drive a company. It is nice. It's fun. But yeah, like, beer is good. But, yes. How do you answer to the research? Let's go back to the research.

You and I have talked about this before. The research shows that we're not lowering our standards in business in order to promote women in people. We actually hold them to a higher. That white men are promoted based on potential. I think that young man is going places. Let's give them a chance. Whereas women and people of color are promoted based on what they've achieved. So when you hear, you know, gentlemen, when you hear your spouse, your friends, etc. Come on and say, gosh, I have to work twice as hard to make it, you know, as far, there really is some

truth to this. And again, I think it's because of these implicit, I don't know if we want to use the word bias, but this comfort level we have with bringing along people like ourselves. So you took a step back and away from the world that you were in. You started this company called Alavest, which is specifically geared at helping women to get investment money to start companies, which again is another problem. It's actually to help women invest. To help them invest.

Why is that necessary? Why is that necessary? Well, right. Why would we have to do that? It's money? Right. So we've talked a bit about the gender pay gap. thapapapapapapapapapapapapapapapapapapapapap the gender pay gap. But let's back up, there are all kinds of gender money gaps. And one is the gender investing gap. Women don't invest as much as men do. Women keep the majority of their money in cash. Men invest more of it, so women haven't earned those returns. You know, for some of your viewers to be tens of thousands, hundreds of thousands, millions

of dollars over the course of their lives. When I worked on Wall Street, when I worked in the investing industry, was, well, you know, women, you need to change. Right. You need to be less risk averse. You need to, you know, have more financial education. I stepped back and said, wait a second. In an industry in which 90% of fund managers are men, 86% of financial advisors are men. Maybe it's the industry that needs to change. Maybe an industry that's so male built and investing, investing means that is all about winning and outperforming,

and alpha and beating the market. And Trevor, the symbol of the investing industry is a bull. Right. It's a phallic symbol. I've seen the bulls. Right? I've never thought of it that way. I'm sorry. It's an phallic symbol. I've seen the bulls. Right? I never thought of it that way. I'm sorry, it's an anatomically correct phallic symbol.

Why? Not a single woman I know says, you know, that bull just speaks to me. I love that bull. No, what she sees is an industry that doesn't represent her and that is telling, has told her how to change. And so, I thought, well, why don't we start a company, Elvest, that actually changes, the quits trying to change her, but changes the underlying product to the way that she wants to invest.

Right. When you look at the men that work in the industry, you know, there are, the, thap, the seem to do the good thing. There are many men who will say, oh, I want this change to happen, I need it to happen. If they come up to you and they say to you, Sally, I would love for a woman to have this position, I just don't know where to find one. Where do they begin looking? Well, that's because their network tenit is te, their their their te, te, te, te, te, te, te, te, thiiiiiiiiiiiiiwa, the, the, the, thr-a, thr-a, I thr-a, I thi, I thi, I want thi, I want thi, I want thi, I want thi, I want thi, I want thi, I want thi, I want thi, I thi, I thi, I thi, I thi, I thi, I thi, I thi, I thi, I thi, I thi....... I thiiiiiiiiii.. I thi. I thi. I thi. I thi. I'm, theanananan. tha. tha. tha. tha. tha. tha. thaua. thaua. thaua. tha. thea. I thea. I tha. I ththey need to break out of their networks. One thing we hear at LVest all the time, right? Because we're a financial technology company. We use technology to drive a better client experience. We hear all the time you can't find any women engineers. Just can't find them, right?

They're impossible to find. Our engineering team is 50% women. Our company is 40%'ve to because we started at the beginning by bringing in a diverse workforce who if they're having a good experience reach out to their networks and say you should be here. But if you're just hanging out with your network of people just like you who you love to golf with right? Then no I you know I don't know anybody or there must not be anybody out there right? No you just don't know them. There's also a fascinating trend that I've read about where sometimes women who are in positions of power

seem to be the ones who block other women from progressing. Now we're going deep. Absolutely. She's got a name. She's a Queen Bee. And I'll tell you exactly why she does it. Because the world, the business world she's grown up in, she's, she's, she's, she's, she's, she's, she's, she's, she's, she's, th, th, th, th, th, th, th, th, th, th, th, th, th, th, th, th, th, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, th, th, th, th, th, th, th, th, thi, thi, thi, thi, thi, thi, thi, thi, thi, thi, thiiiiiiiiiiiiiiiiiiiiiiiiii, thell you exactly why she does it because the world, the business world she's grown up in, she looks up and she says, oh I see the leadership table and there's one woman there or there two women there. There's one person of color there. I got it. So in order to get to that seat, I'm not competing with all of you guys, I'm competing with her.

Wow. And her and her. And so she's just being economically smart historically, because if she wants that seat, she knows who she needs to knock out to get it. How do you change that thinking? Well, again, it has to come from the top. Or increasingly it comes from the bottom. And what we're starting to see is, so we women got separated, right?

We used to, in college, all the women, we travel in packs, right? We don't go anywhere if we don't go in a pack. Oh, I remember. Right? It was so much fun. So we get to the workforce and they completely separated us. weighing theogether, right? And they are affecting change. They're believing in each other.

That's amazing. They're within companies like Nike doing surveys about what was a toxic culture there and then changing it. We're seeing them come when Susan Fowler called out the CEO of Uber. They're believing her. They're coming around her. So they women, we the paradigm, the paradigm, the paradigm, to, to, the workforce, we direct 85% of consumer spending, we control $7 trillion of investable assets, but somehow we got convinced that we needed the men to empower us. Damn. Damn. You got deep. Thank you so much to follow to the show.

Sending Corkick, everybody. Wow. The Daily Show with Cover No. Ears Edition. Watch the Daily Show weeknights at 11, 10 Central on Comedy Central and the Comedy Central app. Watch full episodes and videos at the Daily Show. Follow us on Facebook, Twitter and Instagram. And subscribe to the Daily Show on YouTube for exclusive content and more. This has been a Comedy Central Podcast.

The candidates for November are set. I know Donald Trump's type. Between now and Election Day. We are not going back. A campaign season unfolding faster. Kamela Harris is not getting a promotion. Than any in recent history. Make America great again.

Follow it all with new episodes every weekday on the NPR Politics podcast.