." welcome to "lunch money i'm adam johnson. initiative that exclusive interview with the secretary. america's brian monahan gets a title not usually associated with the thinking that -- a banking head. finally, the final four. forget the "we're going to show

the love the engineering that makes it all possible. her birth going to pick up with what everyone is talking about -- we're first going to pick it up with what everyone is talking about. >> 192,000 jobs were added in march, schiavo economist forecast. the employment rate 6.7%, holding steady with last month. >> sounds pretty good. maybe we can get a little more context? probably the most boring jobs report that we have had in a long time. everything came in as expected. like most boring. that actually got my attention. can we read a little more to these numbers? >> as news with an appointment right not going out. -- the best news was the unemployment rate not going down. more people think the economy is getting better, think they can find jobs, and so they're going out and looking for work. that tells you at least admit we are on the track disease among

improvement as the year goes on. the weather setback was not as much as people that, but we are back on track. perspectivet some on the u.s. and global economy, maybe from some of the biggest names in economics who might just be meeting in italy on a beautiful coastal backdrop? >> there is an improvement in the job market. the employment rate that is high. rate hascipation cyclical factors. u.s. isr market in the increasing. exit will be made is in place, and in europe you have the buffer against inflation, and whether the germans are going to take it more seriously.

trick is about 77% of those who are unemployed in the u.s. have already been unemployed for more than happy here. this meeting that -- this means that it will be difficult for effective,d an useful, productive and women because their skills have been lost or etc. so the background look nice, but the outlook on the economy, not so great. hard toga has been rejoin the workforce if you do not have a job. it is also hard for some to leave it. >> earlier today, a man who owns this network, he and i have had a relationship for years and years. we have had this conversation in the past. we agreed that we would work together on this circumstance, and the timing of this circumstance. i followed him just before the

program and i said leslie, it has been great, you have been great with the net work is been great, but i'm retiring. >> this is really? you actually did this? >> yes i did. >> wow. [laughter] call?have a minute to david letterman, announcing his retirement last night on late night. he is going to leave the death at cbs in 2015. it will and a 33 year run on tv. cominge knew his day was , there was someone else who did not see his day coming. the e*trade baby. >> ok. this guy lost his job kevin spacey. they want to target ads to older more seasoned set. here's one of the newer ads. >> i don't want to think about

an ira. i went to one about him doing all day -- i want to think about what i'm doing all day. ♪ >> i need some help i'm not alone. >> i don't know if that was an ad or saturday night live. relationships with the ease cover that is coming up with our exclusive interview. putting together the floor of the final four. ofhonor of the king late-night coming years david letterman on why he is really retiring. >> i just want to reiterate my thanks for the support from the network. all the people at work here, all

of the people in the theater, older people in the staff, everybody at home, see why very much. -- thank you very much. what this means now is that all and i could be married. ♪

>> this is "lunch money." today in nation, our exclusive interview with the secretary of defense, chuck hagel. here's in honolulu this week and he is hosting a meeting of defense ministers from southeast asia. the obama administration's his patientoost -- participation. theconversation shifted to shooting at fort hood, which has resulted in three deaths and

multiple injuries. this is an ongoing issue with the department of defense. archie washington correspondent brought the subject up during the exclusive interview. >> it is a terrible tragedy, and has been revisited once again on fort hood. our thoughts and our prayers go out to the families of the the the scope and those who have been wounded and who are going to continue to focus on them as we should. in the meantime, let the investigators do their work. we do not have a lot of the answers, we do not know why it happened, we do not know why he did what he did. we will find that out. away from thats terrible incident, so we are working very hard to ensure first of all the safety of all of our bases and of our men and women who work every day and their families have a so that they are reassured. we will find out. >> what does it say, sir, that the military men and women are finding the more cells in harms

way back here at home as well? >> it is a terrible statement. i recognize that, we all do. like everything of you to figure out what happened, and what went wrong. ande adjusting to implementing a number of recommendations that came out of 2009, and the incident last year. securityr bring more to our bases. we will see what comes out of do we assure in every way possible the safety and security of those bases. >> also a big topic on the agenda, east west at that -- tensions with russia. the obama administration has been criticized for misjudging vladimir putin. >> i do not think anybody misjudged vladimir putin, let's -- 2008to 2000 date

when president putin invaded georgia. this isn't a particularly new approach that he has taken. what you always have to do is you have to always be prepared for any contingency, any possibilities. i do not think it was a matter tin, whatging pu his intentions were, why he did what he did. we still do not understand fully. point of responsible governments is to have strong options and capabilities, and be prepared to deal with any contingency. it is a dangerous and unpredictable world out there. >> you are having to negotiate that in this environment of and delete defense dollars, tough budgets. you just resented one. as the situation in ukraine to the crisis there, has that led you to reassess even the budget you just a minute? would you do things differently

now knowing what happened? >> let's not forget the number that i presented to the president's budget is not my number, was not the president's number, that was a number that was already agreed to by congress in a bipartisan budget agreement in december. , we havebillion budget already resented -- presented that number. obama's budget was a bigger number, and we have asked for $116 billion more than the numbers are right now based on sequestration in the next two years give and for this year a $26 billion increase in the budget as well. president obama made that very clear. >> in this crisis, does this case make that make your case for you that these numbers need higher?

>> it is not just one episode. what is it going to take to fulfill the missions and obligations of our defense department budget in order to assure the security of edi states of america? ouraid that out in testimony. we had weeks of continued testimony coupled with the senior memos today up there on capitol hill explaining what we to fulfill those measures to ensure the people of the united states are safe and that we can do the job that we are promising to do to make sure their safety is secure. secretary hagel is on his way to japan next, and then he is going to stop in mongolia. here's peter cook asking about the upcoming trip. great you are on your way to mongolia. you're the first secretary to go

there since don rumsfeld. when he left and they gave him the gift of a worse. my question is, are you prepared for a similar gift, it is there room on the plane? [laughter] know if they would consider giving me a horse, but i would be privileged if they would give me any recognition of our partnership. probably there is no place for livestock that i have seen on that plane. this isa look at this, no joke, or is it? speaking of leadership, guess have ceos that are underpaid. ♪

>> you are watching "lunch money ." we are also streaming live on bloomberg.com and your tablet and smartphone. bank of america ceo brian monahan made $13 million last year. what if i told you he is underpaid? that is the conclusion in the new study by bud crystal.

discussed that finding with betty liu. >> what he did was crunched numbers in 2013 scales, will return, and their tenure as eeo -- ceo. any created a going rate for each ceo. moynahan's was about er than what he thought it should be. company.an there is also other ceos that are well underpaid? >> there are. there are ceos that morgan stanley, the bank of new york, ups can they all had returns that exceeded the s&p last year, but had pay that was below what they're going rates are. >> what about the overpaid ceos? >> there are those two. coca-cola, and eager, at&t, they have returns

that lag s&p but salaries that are over this. >> we all love to hear what talk of executives get paid, but the impact of this? >> what we have is that ceo pay will always go up when the company's performance improves. but it does not always have a commensurate decline when informant goes down -- performance goes down. tracks one way more than the other. >> happy birthday, sam adams. just 30 years ago this week he produced his first bottle of that hugely possibility -- popular boston longer. ager. global brewing conglomerate, and many come to my end of it which is craft beer, there are 3000 craft brewers in the united states. all 3000 of us have seven

percent or eight percent market share. i am paying for all of us to grow. -- sam adams is a little bit over one percent. we can double. when they have 50% share, they cannot double. >> you do not have the law large numbers. here's the most in question i will ask you today, what is your favorite flavor of sam adams beer? >> it is ill the original. findn my original, you'll longer -- often boston lager. we're working on things like a scout, we're working on a aa pa -- double ipa. we are working on interesting flavors. we are like a chef, we are making a dish of food, i can make anything i want.

i can use interest in what can pamela grannis, use tamarind, i can use rosehips can i can use powdered plum gevo or chocolate, or vanilla. i use all of those things in beer. davidx also spoke with about the challenges facing his industry. >> whether nature was really tough on our lines and all of a sudden united states the past year, but also in the northeast. we know that that storm that we had rented the beginning of the new year was $30 million pretax impact to us. and then there was storm after storm after storm. our airline is headquartered right between washington and boston. it was a tough number in the first quarter. more here in april, but we are heartened because there is a timeframe restored look at easter and passover traffic. the snowbirds are still doing to travel as well.

meanwhile, ceo no more. stepping down after being criticized by employees for donating to anti-gay marriage group. on the job since last month, and he said he wasn't going to quit, but he changed his mind. water, we'ren hot talking about mary barra. hotfaces some questions about why took more than a decade to recall those cars. key leadership needed to get companies past crises like this. he spoke to betty liu. >> other industries and other former executives and ceos, it really is on the ceo to create a culture that promotes people to speak up and to really reinforce the idea that safety is

important in a company. in the case of gm what we have learned so far is that under previous ceos a workout that involved -- they were not that involved in the recall process in making that decision. that seems like an outlier. ongis that unusual am automakers? >> it looks like it's more of an industry type problem where because it is such a complicated industry, so many things go into making a car, that ceos are kept out of the process. when the recalls go in late in the process -- of bruisese lots when you grow the ceo -- when you are the ceo. i go back to the truman approach, and that is the buck stops here. >> so where does the buck stop when it comes to selfies? round the world.

the whole planet in hd. we're going to tell you all about the new technology streaming hd video in space. ♪ >> is 26 minutes after the hour which means that bloomberg television is on the market. we'll get you caught up on where the markets are trading right now. --across the board for the in the red for the second day in a row. i gobbled individual stocks that we are watching today, first off foodub, the shares of the ordering middleman surging on the first day of public trading. today those shares hit the floor the noew york stock exchange

of $40 a share. said that third point nominees would not have the same expertise.

>> this is "lunch money." dreaming live on bloomberg.com, your tablet, and your smartphone, i am adam johnson. secondary state john kerry says it is time for a reality check on the middle east peace talks. there's a limited amount of time they can give to brokering peace. crews searching for the missing malaysia and jet are working even harder trying to find the black rocks because the battery-powered data recorders usually stop transmitting

signals about 30 days after a crash. the malaysian aircraft disappeared on march 8. they're using underwater vessels and focusing on 150 mile stretch of the southern indian ocean. president obama united states olympians at the white house. the president and the first lady of limited the group on their successes at the sochi games. the president said he had special thanks to snowbirds for s to saysportscaster back-to-back and other phrases. tradition going back to andrew johnson, he invited baseball teams to 1600 pennsylvania avenue after the civil war, and even presidents can get as excited as athletes. >> let's get a good picture. he wants to do himself a -- do a selfie. n.ome o

[laughter] [applause] ocent at the time. david ortiz posted it at twitter, and it retweeted it --ed i plus million dwellers samsung retweeted them to all of their followers. they must really have something here. >> without getting into council discussions, i can tell you that the white house objects to attempt to use the residence like this at for commercial purposes, we certainly object in this case. >> the white house is not too happy after learning that. the president was duped into thinking this was an innocent selfie. a samsung spokesperson would not comment on the rebuke from the white house.

it is hallowed ground cover that is why some are obsessed with getting the answer to a question answer to.one >> is there any other job you would be interested in? [laughter] [applause] comptroller of the state of illinois? >> not right now. sorry tom, he is the latest who tried to get hillary clinton to answer that very obvious question. let's just say she does run with a taste of reviews -- we got a taste of her views on current events. on vladimirake putin. >> he is motivated by the past.

he was to re-create he wants to reclaim it. he was to restore what he views as the proper place of russia and the world order. >> the future of the ukraine, this is obviously very serious business, and that is why the people running the government right now what elections to go a hitch, and they would do want this man to run. [applause] >> this is for real. darthwho calls himself vader, was nominated for the presidency by the internet party of ukraine. he told congress that he wanted richard ukraine into a galactic empire. parts of his application were questionable. fairly the man is an electrician named victor. he changed his name to darth

vader back in march. elections in afghanistan, they take place tomorrow. coin series, a life-and-death situation. has vowed to disrupt the elections, and but is anyone involved in them. one journalist was killed, another injured in an attack in afghanistan's eastern province. they were traveling in their own those a convoy of delivering ballots. she had been covering afghanistan and other conflict zones for years. elections of the first democratic power transfer in again since -- afghanistan's history. president karzai cannot run again due to term limits. 50% and a war zone is only a slight left in the 37% that we saw in the last for the 2012 is eventual election. we will be right back. ♪

>> we are off to space today. in view of the earth you have never seen before. discovery communications is partnering with a company called earth cast to streamline hd video from outer space. >> it is a pretty spectacular feat that we pulled off. we have had a lot of excitement to get to this point anyway. we're going to be streaming older hd, which has never been accomplished before in our kind of market. -- ultra hd. the technology. courts what kind of cameras being used? where is it on the international space station? and what kind of data feed are we talking about? enjoy this? to

>> there are two cameras, one that is always on, and like a typical satellite. pointing is on a platform that can point at a location on the ground and follow that target on the ground and capture the ultra hd video and stream it to earth. >> what do you hope to accomplish twith this? >> jim democratized earth observation, and the future stewardship of the planet. i do not think any one country should be the responsible party for doing this, and we're really taking that to heart. we are creating a platform that has some magic. >> what about the commercial aspect? >> we are going to be selling data to normal large corporations, hedge fund, and government organizations that typically buy this. a lot of other avenues for

academic and rmb are also part of our pipeline as well. >> we have hd cameras on the space they should google what about getting people to mars? a good actually happen in our lifetime. cofounder and chief executive of the mars run mission. but the first human settlement on the red planet by 2025. how he was going to do this. >> the big technical challenge is reading the back -- bringing them back. by limiting that technical challenge we have already made a strides. we believe that the biggest technical challenge of a n is havingissio everything always up and running. there is no exit, and you want to stay there and make sure that the life-support systems, the students that they go outside

with are always working. that's where production is always working, and that will be our biggest challenge. we are on top of that. >> can you give us some idea of the technical solutions that you have for all of this? it sounds great, but i lot like science fiction. >> as soon as you except that it is going to mention of a permanent settlement, the technology exists. the rockets that we need to send our equipment to mars is existing technology. in the landing system, when you do not have a return mission, they are so much smaller than for a return mission, that is very comparable to the nasa curiosity mission. that this you accept permanent settlement, no new inventions are no needed -- are needed to go to mars. there's a lot of testing to be done before we can actually go. tonew inventions are needed

land human safely on mars and keep them alive there. >> how will people actually get to and from mars? may be on a virgin galactic flight? founder richard branson talks about the viability of commercial space travel. to let as many people as possible to become astronauts about to go from one country to another in the fraction of the time that it takes. ,ubular colonize other planets to put hotels. in space. two great mass of satellites that can transform things for back here on earth. >> to infinity and beyond. future, theiate final four this weekend, and what about the final floor?

we'll show you the technology underneath one of the get games and basketball -- biggest gains in basketball. ♪

>> we have your weekend tv watch lists. silicon valley debuts sunday. peek. a sneak isapps, software, software silicon valley. >> if you want to live here, you have to deliver. like steve. >> steve jobs? code.didn't even write >> ending steve jobs is a making of a wozniak was the engineer who created the apple.

>> $200,000. >> $600,000 for six percent of your company. >> the whole thing you stand on. quick when we were sitting down with barack said we're making the bitter -- world a better place. we are constructing elegant pieces. >> we are changing the world by creating enterprise. i think there are plenty of companies right now that make that claim, and i think all of them have a little bit of credit in that happening. >> here it is. bitsoup. like alphabet soup, but ones and zeros. >> and makes you cringe. >> was going to watch episode

two? >> i am all in. leanybe your tastes toward lyrical satire, season three also debuts this weekend. the least effectual posts in the most powerful office in the world. the vice president. what it is like playing a washington insider. quicktime if you'd admiration for anyone who's stepping into that place. what i love about this is that , and satire to the extreme it takes you behind the scenes and shows you that these people have freaked out, they have insecurities, we see the ripping sound bites and the fostering of about a half to lose it behind the scenes. we show that, and there's a lot

of commenting to be had there. hopefully it is not to this extreme. it does give them some humanity which i appreciate. >> finally, on the weekends tv watch list of the final four. the remaining teams in the ncaa men's and women's basketball tournament fighting for the title this weekend. they're going to play tomorrow night at arlington, texas, where one of the greatest agents of march madness is going to be right under their feet. ♪ --the floor and add stadium and at&t stadium will be offered to the winning team. they will have first dance. this one is unique of and is all a zipper floor. we start in the middle, and it goes from the center out. it is like a jigsaw puzzle, that

is a good analogy. if you're just a quarter of any job you're going to have inches -- issues. the floor is incredibly sturdy. it is tightly knitted together with the seal and the systems that we use to pin it. it has no movement, it is totally stolid as a rock. -- outstanding partisanship partisanship comes out and the finish of the floor. the hardest thing is the making sure that they are satisfied with what they pay for. let the games begin. may the best team win. it is going to be an awesome weekend.

here's today's mystery meat. it is the brainchild of the reverend of episcopal parish of saint john the evangelist in massachusetts. 32re need to saints -- saints, single illumination racket. the winner gets a whole in halo. play-by-play. >> now entering week for a , it took an advantage. brings the match first round. >> you will have to take out harry and james in the first round. >> john, i think that -- ♪

>> it is the to six minutes past the hour which means that bloomberg television is on the markets. we're getting you caught up on where we see the index is. at the nasdaq is taking a beating today, the worst drop since the third of february.

the s&p down about three quarters of one percent, and the dow down about 70 points. we are also watching treasuring, bonds on the move. year notef the 10 down the most. all the talk today is about that march jobs number. what it means for the economy, and almost as important a tapering. mer fed governor was breaking down the highlights of the jobs report. >> ending this was pretty much right on target. the numbers around 200,000 per month, which is creation rate has been for about two last year -- past year. tihave a take back up in -- ck back up in the work we because that had taken down

during the winter when people could not get to their jobs. things are pretty on track for the forecast. as we are not seeing a lot of tightness in the labor market. when there is more competition for getting a job, that would put downward pressure on wages, all things being equal. we just have not see the robustness of the recovery that we typically see when used get more employment, tighter labor conditions, and some growth. this is one of the reasons why the fed has that away from the 6.5% employment threshold. even though we are close to that, it is not really a robust labor market even though we are close to 6.5% unemployment. it is very clear from both what janet yellen has said and what charlie has said that it is likely that the tapering process will conclude sometime by the end of this year. it will be at least six months before they take the next step. marketsis what lebron

are watching today. the number by the way was the best that we have seen them before the recession. an important mark they are. -- there. if you're looking for more targeted analysis on the stocks, adam johnson has today's insight and action. >> we're talking about the banks. who needs them? that is they call from a man who would know. is the ceo of kbw which is arguably the top rated bank research house year-enin and year out. only three banks are rated at buy. let me show you the numbers so you can get a sense for what he is talking about. here is the growth column, and big banks are only growing 4.5% purchase th -- versus the s&p which is eight percent. the price you're paying for the getting.u're

here's what is curious, tom says to look at the small banks. this is a different story. isnings at the regional 10.5% of and it is just 1.6 ratio. they are growing faster they are trading treiber and they are also producing returns. significantly over the past year. >> thank you very much. i wanted to quickly mention that -- ♪ ..

♪ >> live from pier three in san francisco, welcome to bloomberg west. we cover the infant -- recover innovation in technology. two companies going public just today. possible --t microsoft's mobile march continues. first a check of your top headlines.