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Carly Fiorina

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2019-10-07
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2019-10-07
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  1. Well, I do think that politicians play their part, sadly. It's why people don't trust politicians. So what is the part of a Republican politician today? The part, apparently, of a Republican politician is to base their words and their behavior on their political self-interest. And their political self-interest demands right now that they stick with Trump. And so they're going to stick with him as long as they judge their political self interest demands that they stick with him. Is it disappointing? Absolutely. But I think it's not surprising. I think as a citizen, and in this country citizens are sovereign, actually, we've forgotten it, but we are.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  2. Loyalty to the orthodoxy of a party. That's not how our country is built. And so I think as citizens, we have an obligation to be informed and we have an obligation to speak up. I've also said publicly that Character matters, behavior matters, tone is set at the top. And Trump's behavior, his tone, and his character are destructive.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  3. At this point Well, look, the Republican Party has made it very clear that a primary, at least till this point, that a primary opponent is impossible There will be no primaries. There will be no debates. Delegates have pledged their loyalty to Trump. By the way, That pretty much happens when you have an incumbent president, but it's happened to a really startling degree. What I find Really discouraging is the fact that people will not speak their minds. So I wrote a post two weeks ago in which I said, We pledge allegiance to the flag, not a party. We pledge fidelity to the Constitution, not a president. It is not our job as citizens to pledge loyalty to any public official, nor

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  4. Based on experience. And so I think power and money and decision making need to be dispersed out of Washington. I think we have to break up powerful lobbyists, powerful bureaucracies, powerful centers on Capitol Hill.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  5. Always. So, if you have too much power concentrated in the hands of Washington, which we do and which we have for 50 years, it's going to be abused. Just as if you have too much power concentrated in the hands of Facebook executives officers. You get in about that in the next section. It's going to get abused. Power concentrated is power abused. That's what I believe.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  6. But I know what I believe based on experience. I believe that every person is filled with potential and that someone's circumstances, their appearance, what they believe, where they come from, should not prevent them from fulfilling their potential. And too many people are prevented because of circumstances or appearances or beliefs or where they come from. I believe that people closest to the problem know best how to solve it always if they're given a chance. They're given the resources. They can figure out how to make something better, and people 3,000 miles away usually can't. And finally, I believe that power concentrated is power abused.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  7. Talk about that a little bit. So you didn't get it, you pull out of the race and you don't participate in this administration, obviously. A lot of people. You're sort of the classic Republican in that regard. Or maybe you don't think of yourself that way

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  8. Yes, the apprentice convinced millions of Americans that he actually was a business person. And so I understand why it happened, but I kept thinking surely he would get revealed. And I worked hard to ensure that he wouldn't be the Republican Party's nominee because I thought And still think that he has done lasting damage. To the party

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  9. Or they did. He clearly tapped into a deep-seated frustration and feeling that people had been disrespected. People, I think, concluded he is going to fight for me. Maybe he's an uncouth SOB, but he's going to fight for me and no one else will. And they think he was a business.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  10. Yes, it was a tough road. On the other hand, I'm quite proud of the fact we outlasted senators sitting governors. Just happening in the Democrats. I mean, we did pretty well for quite a long time.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  11. And so, no, the point is, I'm not surprised that that stuff is still successful, and I'm not surprised that unfortunately, there's still a lot of guys sitting around punching each other in the ribs, going, yeah, yeah, well. I mean... Good for him. Right. Sadly.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  12. We haven't budged at all in terms of the number of women who sit on boards in corporate America. We haven't budged at all in 30 years. So on the one hand, you would think, wow, we've come so far. And on the other hand, we haven't come very far. If the number

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  13. Sadly, I'm not surprised. Sadly, I'm not surprised. I mean In some ways, we have come so far, and in some ways we haven't come very far at all. I mean, think how few women CEOs we still have. There are more men named James on the Fortune 500 than there are women CEOs.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  14. I think every woman in America understood what Mr. Trump meant. And of course they did. And then Mr. Trump. Said, oh, it's a beautiful face. What he didn't understand was What he thinks of my face, not only could I care less, but it's completely irrelevant and inappropriate.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  15. I did not know precisely what I was going to say. I was a candidate who never had lines. But I had thought about it. And what I thought about his comment was Been there, done that. This is so typical of so many people, unfortunately. And it's completely inappropriate. At the time, he gave me my line. Because right before I said every woman in America knows what Mr. Trump meant, right before then. He and Jeb Bush were having an argument. And he had accused, Trump had accused Jeb Bush of saying something inappropriate. And Jeb Bush Defended himself, and Trump said, Well, everybody knew what you meant. And so the second he said that, I knew I had my line. And so I then said,

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  16. Yes, of course, he's not a businessman. He's never been a businessman. He is an entertainer. Right, exactly. But I knew that I would get asked on the debate stage.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  17. They're both totally inappropriate. At the time, my staff was you have to say something. And I said, There will be a time. When it's time to say something. And of course, the time was the debate stage.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  18. It was the second. It was the first one when I was on the main stage. When my staff first told me that Trump had said this, I literally laughed. And I laughed because I have been dealing with men talking about my appearance for so long.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  19. No, it's true, but the dysfunction had been, I argue that Trump, although he's brought it to a new level, Trump is the result of dysfunction, not the cause of dysfunction. So I thought it's time for an outsider, somebody who actually understands how to solve problems. I had done a lot of public policy work by then. I had been intimately engaged in public policy in the Defense Department, in the intelligence community, in the State Department. I understand business and government are different. But I also understand that there are things that we do in business that could help government.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  20. Yes, it does, doesn't Well, I knew the odds were long. I also thought it was time for a problem solver in Washington. The reason people are sick of politics is because problems never get solved. We just talk about the same problem. Cycle after cycle after cycle. We're still arguing about immigration. We're still arguing about debts and deficits. We're still arguing about Social Security. We're still arguing about healthcare. We're still arguing about veterans' affairs. The problems never get solved because politicians aren't incented to solve problems. They're incented to win. And winning is a fundamentally different dynamic than problem solving, which requires collaboration and finding common ground. Winning is about pounding your opponent into the dirt, unfortunately.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  21. Well, I did a lot of those things in the meantime. You know, I ran major nonprofits and I got to learn a lot about what goes on out there. And by the way, I think

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  22. A lot of people do, but I don't. And so nothing interested me. If I'm not going to. If I don't feel as though I can make a positive impact, if I don't feel that I would I'm not going to take the job, whether it helps me or not.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  23. I'm pretty picky about what I do. Meaning, I don't feel any need to be given a job or a position or a title to prove something to someone else. I really don't.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  24. California is a deep, deep blue state, and Barbara A long time Yeah, a long time ago. But first of all, there are things that I'm very proud of in that election. It was a three-way primary, which I won resoundingly. And I won more votes in that election while losing it than any other Republican running anywhere in the United States. So I got a lot of votes and I'm proud of that. But ultimately. They're just a lot more Democrats in California than there are Republicans. And as you'll recall, the entire Republican ticket from the top down was wiped out.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  25. Are now all these years later saying, I love the sheep in. I did. I like them more now. I was like, what is going over on Carly Finer in his house? What's happening over there? But the run, again, wasn't successful. Why do you, you know, why was it successful? Reverend Sigskar wasn't successful.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  26. The sheep ad was about the fact that there was this Charge that someone was a Republican in name only. I mean, it's honestly funny to think about it now. And so much of political discourse and political ads, political charges are just when you step back from them. Ridiculous. And so for me, this ad sort of crystallized the ridiculousness of that in a very memorable way. And it's clearly memorable because here you.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  27. And I saw the damage. This you'll have to remember, this was at the time when California's droughts were very bad, when the water policy coming out of Washington, D.C. was crushing. Senator Boxer, in particular, was, I thought, dead wrong about the water policy in California. And it was having real impact on real people's lives, which is why I had a number of Democrats in Central Valley endorse me because Boxer was incredibly counterproductive about water policy.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  28. Very different jobs. Well, one of the calculations was the Meg Whitman was already running for governor. I mean, and she's a very capable individual, capable executive, so that didn't seem like the place to. It didn't seem very practical to me, and it didn't seem very productive to me to run for governor, to challenge her for governor.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  29. In the businesses in California. And frankly, I got angry because I could see what was happening to California. Middle class families just getting pressed and squeezed, more businesses leaving every day. And it was all as a result.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  30. No, no, no. A lot of people get it mixed up. You know, I don't shy away from challenge, otherwise I never would have taken HP and I never would have run for senator. You're running public. Yeah, so Barbara Boxer is a longtime incumbent. Honestly, what prompted me was I do think that we have way too many professional politicians. I think most Americans agree with me. I think we have people in both parties who actually don't know anything about what they're talking about. It's not that they're bad people, all of them, but if you... Have spent all of your life in politics, running and winning, running and winning, running and winning, you actually have no idea what the people Are doing that you claim to care about, and you particularly don't have any idea about what's going on.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  31. Well, it was quite a run, and I don't mind tough challenge. No, actually Senator. Oh, that's all right. We had another CEO running for Gutstar at the same time, Meg Whitman. I'm not trying to confuse.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  32. Talk about what you've been doing. Well, you know what I realized after waiting for six months. Was that I didn't really want to rush into being a CEO again, that that had been an extraordinary opportunity to do something huge and impactful and meaningful, and that my bar was going to be really high after that. And so... I went back to the touchstone I always go back to, which is I want to make a positive difference. And I think people have enormous potential. And I like to help people unlock their potential. I went back to that. And so I got involved in a number of fantastic nonprofits, and I began to advise other businesses, and then I, because I love challenge and I run to problems, I said, gee, politics is kind of a mess. Let me go look at this problem. Right.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  33. But I was honest throughout, candid throughout. I said what I meant. I behaved consistently with what I believed. I was not embarrassed in any way. And I felt as though my soul was intact. Nevertheless, the press was brutal. I was exhausted mostly. And so Steve sang, wait was incredibly important. And I did wait.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  34. And Steve Jobs' words rang in my ear. Don't do anything. I mean, I was exhausted. I was traumatized at some level. And I wasn't embarrassed, actually. I was never embarrassed, honestly, Kara, because I was very comfortable with how I had behaved. I'm not saying I was perfect.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  35. Less than 24 hours after this news break, Steve Jobs calls me at home and he's spitting mad. And he said, oh, I can't believe how stupid these people are at HP. He got very frustrated with HP all the time, actually. He said, I just can't believe how stupid they are. They're going to regret this, and this is a terrible thing. And he went on and on. So that made me feel good. But then he gave me incredibly important advice. He said, Carly, don't do anything. And it turned out that was incredibly important information and advice because I got inundated with phone calls literally hours later, President Bush calls. Come work for the administration. I got all these people calling, do this, do this, do this.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  36. When you were asked. Well, it was quite a thing. So I'll tell you. One of the most wonderful things that happened to me is that my good friend Steve Jobs called me. So Steve and I would compare notes and chat. You did deals together.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  37. Who were active CEOs that I should have worked very hard to keep on. And there was one who returned. That I should have blocked from returning.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  38. What I would have done differently, honestly, is tackle the board sooner. So remember that when, I mean, we transformed virtually every part of the company, the management team, the product line, our engagement with customers. What I didn't do was transform the board. And I didn't because I felt I wasn't in a position to. Well, I was hired by a board to be a transformational CEO. I didn't pick the board members. They picked me. Then we went through a merger. And in a merger, of course, major acquisition, board members are negotiated on. And so I didn't feel that I had a lot of latitude given all the battles I was fighting to go pick a fight with certain board members. two who left

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  39. The rest of the board was engaging in spying on those board members. It was called pretexting. They went up on Capitol Hill. I mean, it was this unbelievable scandal.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  40. Make a decision about whether or not they were going to confront this behavior or not. They chose not to, and I left. And a year later, of course, these two board members were fired. There was a huge scandal because...

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  41. These two board members didn't like the outcome, and so they went and talked to the press. And I woke up to see all of our board conversations on the front page of the Wall Street Journal. That is a violation of a board member's code of conduct. It is a violation of confidentiality. And so I called a teleconference of the board and I said, I will not stay under these circumstances. So either the people responsible for this leak have to come forward and we have to talk about why this is going on. Or I'm not going to be here. And a major fight ensued. And ultimately, we had board members resign over this. I ultimately chose not to cast a vote, although I could have. I was chairman and CEO because I felt the board needed to

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  42. In the management team. And I disagreed with those ideas, but more importantly, the majority of the board disagreed with those ideas. And so after a lot of discussion about their ideas for who should be and which job, we took a vote in the boardroom and said, we're not doing that. We're doing something different. And of course, I don't think it's a board's job to manage a business. It is a board's job to govern a business.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  43. Around the fact that we had two board members. Who began leaking confidential board conversations to the press? The reason they did that is because they had very clear ideas about who should go into what job.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  44. No, I actually don't think that's true. I think what happened was, I mean, the papers wanted to, the press wanted to say that my ouster from HP was about the merger. I don't actually think it was. Oh, I know what it was. And I've been very public about it. Ouster was.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  45. In the end, we won that battle resoundingly, despite the fact that they owned almost 25% of the stock. So think about that. Given the amount of stock they owned, we had to win virtually every other shareholder.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  46. Who had never been involved in the company, whose fathers actually had said publicly that they wanted to keep their sons away from the company, the sons of the founders knew that as the company got larger and more successful, it would Separate itself from them and their legacy. Their stockholdings would be less powerful. They would own less of the overall shares of the stock. And so they and their foundations decided to fight us. Should I have anticipated that? Maybe, although honestly, when you have a unanimous board, Saying we're going to move far toward this deal, you actually don't expect. The children of the founders to say, No, actually we don't want to do it. And in fact, the market was quite shocked and surprised.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  47. I don't think I made a strategic error, honestly. I'm not saying I'm perfect, but the proxy battle occurred not because we had made the wrong strategic move. The proxy battle occurred because actually we had made exactly the right move. And what I mean by that is the sons of the founders.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  48. But I knew the market wouldn't understand it because stock markets honestly follow conventional wisdom a lot. I mean, remember the financial crisis. It was all going to be great until suddenly it wasn't. And so I remember meeting with the board of Compact Computer before we announced our deal. The bankers came in and told the Compact Board that their stock would appreciate by 10 or 15 percent. And I said in front of the bankers, it will not. Your stock will drop and our stock will drop. And our stock will drop because the market will not understand this deal. They will over time. We're not doing this for a short-term pop in the stock. We're doing this for the long term. Leadership in our industry, but we're going to have a rough go of it. And that was before the sons. Of the founders decided to wage a proxy battle and try and stop us.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  49. So everyone assumed, oh, no, no, we're going to have the pure software play, Microsoft, the pure storage play, EMC, the pure PC play, Dell, the pure router play, Cisco. That's what everyone thought was going to happen if they didn't know much about the industry, honestly. And so we were saying, no, actually the system plays where it's going. That's clearly what happened.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT

  50. Computer manufacturer, they had previously acquired DEC. So they had both very high end computing as well as PCs as well as services The acquisition was necessary for us because customers were demanding system solutions. We had many of the piece parts, but not critical mass. We had evaluated literally every alternative in the marketplace. This was clearly the best alternative. And yet conventional wisdom said that after the dot-com bust was over, it was all going to go.

    2019-10-07 · Decoder with Nilay Patel · Recode Decode: Former HP CEO Carly Fiorina · IDENTIFIED FROM THE TRANSCRIPT