NSA Spying Scandal Is Bad for Business: Falkenrath

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Nov. 1 (Bloomberg) -- Bloomberg Contributing Editor Richard Falkenrath discusses the ramifications from alleged NSA spying on Bloomberg Television's "Bloomberg Surveillance." (Source: Bloomberg)

This is a massive cost of the security screwup.

This is the worst security screwup anyone care member.

-- can remember.

It is terrible, it keeps getting worse and worse.

In the interview with keith alexander two days ago, he was trying to explain the latest revelation.

They don't even know what is coming next.

It is terrible for industry, for foreign relations, four operational security.

The key quote, david drummond for google was adamant that google has got to get out in front.

How would you suggest these corporations will get out in front of general alexander and the government?

They are between a rock and a hard place.

It is not optional, they are subject to u.s. law, the law says they have to cooperate.

It is terrible for their image, for their philosophy, for their customers, for their global competitiveness.

They are stuck because the law is that they have to cooperate.

Will talk about the implications in the u.s. and abroad later.

Can you assume that everything he is revealing his true?

Snowden?

The last one was interesting.

Washington post -- the one i cannot on wednesday.

If something he reveals is false, the government will deny it.

They have taken half of that and thrown it out.

They have said we will not confirm.

They did not confirm the tapping of internet -- of andrea merkel's cell phone.

If they are not denying it, it is a confirmation.

You never confronted anything like this in the white house?

We had a few, they were smaller.

They involve u.s. journalists.

The one that was disclosed, the worst one in my time was the predecessor of the nsa metadata program which had a questionable legal foundation at the time.

There were allegations that this was illegal and a legitimate form of whistleblowing.

Today, no one is saying that this is illegal.

It is affirmed by law, both chambers of congress, the president.

That is a big difference.

Richard falkenrath with us.

We will continue this discussion.

Some company news.

Shares of the container store trading on the new york stock exchange.

Reason $225 million in its ipo.

Shares were priced at the top of an increased range.

Elon musk's tesla seeing a pothole.

Shares had their worst month, losing 17%, a $4.1 billion drop in market cap.

Investors concerned that the stock price is out pacing growth.

Shares up 372% this year.

This text has been automatically generated. It may not be 100% accurate.

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