WHEN: Today, Tuesday, June 22nd at 8PM ET
WHERE: CNBC's "Meeting of the Minds: The Future of Technology"
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE roundtable interview with CNBC's Maria Bartiromo and Jay Adelson, Former CEO & Chairman, Digg, Inc. and Founder, Former CEO, Current Chairman, Revision3; Vivek Kundra, United States Chief Information Officer; Padmasree Warrior, Chief Technology Officer, Cisco Systems; Glenn Hutchins, Co-Founder & Co-Chief Executive, Silver Lake Partners; Shirley Ann Jackson, Ph.D., President, Rensselaer Polytechnic Institute; and T.J. Rodgers, Ph.D., Founder, President & CEO, Cypress Semiconductor Corp; for a qualitative discussion on the future of technology.
"Meeting of the Minds: The Future of Technology" premieres tonight, Tuesday, June 22nd at 8PM ET on CNBC.
For more information, go to: meetingoftheminds.cnbc.com
All references must be sourced to CNBC.
RODGERS ON BP’S SHOULD PAY
RODGERS: If you believe in free markets, if you believe companies should bear risk as well as reward…BP didn’t drill a well for mankind. BP drilled a well to make money for their shareholders. They would have made billions of dollars. They did some risk mitigation. They had double systems; the second system failed because somebody let a battery go dead. That’s their responsibility, and I sure hope they don’t get bailed out like the companies that recently got bailed out.
MARIA: Like AIG?
RODGERS: Yea, AIG, you bet…So BP should pay. If they have to pay everything they have, then they won’t be a company anymore and the assets will go into bankruptcy court and will be sold off to other companies and the warning will be very clear. You must do good risk mitigation. It must be very good because the disaster is such a consequence it could end your corporation. Think about it: that’s responsibility. The problem I’ve got is we allow companies to make profit and then the buddies in Washington bail them out when they take too much of a risk and go over the edge. That’s the problem to me. BP PAYS. It’s their fault.
ADELSON ON ALTERNATIVE ENERGY
ADELSON: The gulf is a lesson that we shouldn’t be investing this kind of capital in that supply chain. We should be funding the alternative supplies and alternative energies, and alternative vehicles. They’re gonna come in and provide the jobs that we need. All those BP employees that are working on those rigs that are risking their lives should have been spending their time…
BARTIROMO: Solar is not going to drive your car. Wind is not gonna fly the plane. So, we are reliant on oil.
HUTCHINS: This one rig was 1--I think I’ve got the number right--of 1700 rigs currently operating in the deep water in the gulf. Only one of which made a mistake. Let me just finish this. If you’re going to fundamentally change an entire industry because 1 out of 1700 had an error…
JACKSON: Yea, you do. Is it too far to ask for robust risk assessment?
HUTCHINS: No, of course not.
JACKSON: Is it too much to ask for scenario planning and risk mitigation strategies to be developed?
HUTCHINS: I think those are all the right things.
JACKSON: Is it too far to say that there should be some R and D done to understand the marine environment?
RODGERS AND JACKSON ON GOVERNMENT VS BP
RODGERS: We do a pretty good job in the FAA, for example, regulating airline safety. We lose some airplanes but we do a pretty good job. It’s not impossible; I would agree it’s not impossible to create a good regulatory agency. I’m just saying part of my tax money went to minerals and mining for years, and they were asleep at the switch. Now they were also taking gifts from the industry…tere was a little bit too cozy of a relationship there. To me, it’s as much of a government failure as it is a BP failure in that way.
JACKSON: In the end, BP is the guerilla. BP has the resources. It’s making money hand over fist. And they have the technology. I think this blame game is really the wrong perspective when it comes to health and safety and regulation.
KUNDRA ON CYBER SECURITY
KUNDRA: The President recognizes a threat to national security when it comes to cyber security. Because of that we’ve got a Four Star General who is going to be looking at the cyber security issues under one umbrella. And a big part of that is recognizing that cyber security is not only the responsibility of one entity or individual. From the people who are manufacturing chips, to the companies that are selling networks, to the companies that are making investments across the board, to the people who are educating the 21st century work force
BARTIROMO: We’ve got reports of Chinese hacking into Google, and getting information. How do you manage it?
KUNDRA: I believe it’s a false choice if what we’re saying is that we want to have a militarized internet. We need to separate between command and control US Military functions, from a national security perspective vs a broader economy. Because what we want to be able to do is to make sure that we’ve got an open internet that becomes a driver for innovation and a driver for prosperity.
RODGERS: Once you militarize the internet, you can have it and we’ll go build another one.
WARRIOR AND HUTCHINS ON PRIVACY
WARRIOR: Privacy is not just about isolation anymore. I think that paradigm is over, right? We are all, as human beings, we have a desire to share and to communicate and to talk and broadcast. That’s why social networks are so popular. I call it the “digital water cooler effect.” We want to post and eavesdrop on what somebody else is saying at the water cooler. I think that desire in human beings is going to continue to be there.
HUTCHINS: I think that’s right…but I think we need to unpack this a little bit. There are at least three different pieces of this. One is the national security interests. Whether it’s the electricity grid or the air traffic control system, or anything like that…there is a very, very important role for the government in its national security function to protect that. The second is at the corporate level, where there is a law enforcement function at work. There is a law enforcement function in government if something is quote unquote stolen from you. And then there’s the individual level… that’s where people make individual choices. There’s a law enforcement function there for government, too, but I think in that case, you get into much more the balance of privacy vs. free speech vs. social interaction.
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