top and oversight to the federal reserve and ease the regulatory burden. .> nfl draft the hammer we will speak to a former patriots executive on what is next. to givel decide whether president obama fast track authority to negotiate the agreement. we will have the headlines when it happens this hour. ♪ ♪ mark: good afternoon. i am mark crumpton, here with scarlet fu. two hours. we are taking a look at the bond market here because treasuries have turned around and can now

see the 10 year yield little asnged at 2.27%, and it got high 3.96% earlier. if we take a look at equities, pretty much holding near the high-level levels of recession here, almost before it came back down. the s&p by a quarter of 1%. off by 11.5 points. bond market showing ripple effects in the equities. stay with bloomberg throughout the day. two more hours before the close of trading, we will give you all the details you need as we head toward the close on wall street. it is time for a look at the top stories we are following this hour. verizon is america's largest wireless carrier. it has now found a way to expand its footprint in video and online ads. verizon has agreed to buy aol for $4.4 billion that's -- at

$50 per share, a 17% premium to a well's closing price yesterday. thempany that owns huffington post and a collection of international news sites. verizon is also getting a well's programmatic advertisement technology, which uses and-powered machines to buy sell ad space per charter is working on an acquisition of a competitor. the companies agreed to a merger in march contingent on the comcast time warner deal being closed. charter is continuing to negotiate a deal which would make it easier for financing to have a bid for time warner cable. the sixth largest cable provider in the united states. a new bid worth about $2 billion. the original offer was turned down. the new bid is higher. he believes the bid will eventually succeed.

>> it is a superior offer. caps --s. dollars, all forcash, by far superior shareholders, of which we are of largest, sharing 50% partnerre. company isholding pushing for a deal to reduce exposure to the auto business. the death toll is now 42 from the paul's second earthquake in listen to this week spirit it hit this morning. more than 1000 people are injured. a magnitude of 7.3. in -- centered in a mountainous region and triggered landslides. helicopters on the way to the hardest hit areas where it still reeling from the quake last

month that killed one 8000 people. make areece managed to debt payment to the international monetary fund today. the finance minister says the look on -- the country could face a liquidity crisis if there is no deal for more bailout aid. european countries are refusing to release more of the money. >> the liquidity issue is terribly urgent. it seems to me from the perspective of the timeframe we are facing, we are talking about the next couple of weeks. ministers are insisting greece come up with an economic reform plan before releasing the next bit of aid. scarlet: a senator calls his revamp of dodd-frank a work in progress. the banking committee unveiled

his proposal on the federal reserve. he wants the fed to disclose more information to congress about his monetary policy. we have got an interview coming up later this hour and peter cook will speak with him. showtime and hbo getting a world from theirp though fight. a record 4.4 million people ponied up around $100 or more to watch about. justthan half $1 billion, tv processes. a championship fight indeed. virginichard branson's's group is getting into the game. it will take a run of what it calls participatory fitness events like running and cycling. runs the grouply behind the ceo marathon. the group will be headquartered here in new york.

heat, it looking for is on the ice. the average price is the washoe -- washington capitals series, the highest price and it shall game in at least five years. game seven of the series of madison square garden tomorrow night. we know who you want to win. of course we know what i'm waiting until tomorrow. that will go higher. doubt here and i hope he get a chance to see the game but if not, we will tell you all about it. scarlet: again of over 15% in 2014. some new competition from elp or and we will take a look at the biggest college endowments. greece, as a mentioned it was a country's liquidity is copper get it. and richard shelby proposing changes to legislation third we will speak with him.

wait for that peter cook exclusive. will bem brady suspended for his involvement in the deflategate scandal. a one mind are fine, and took away two draft picks, including a first-round selection in 2015. the decision was criticized, saying it far exceeded any reasonable expectation. andformer nfl executive also the former general manager of the tennessee titans and the bloomberg sports reporter also joins us here in the studio. thank you for your time. do you agree with the assessment that it far exceeded any reasonable expectation? i think everyone was shocked one way or the other. think of not only the suspension for tom, but the $1 million and then finally the giant draft choices, number one

was significant. before they kind of threw in there, the cherry on top type of thing, but yes. is a significant discipline. you spend time with tom brady when you are in the new it with patriots from 2009 to 2012. did you get any indication there was a culture that promoted this kind of action? >> actually not. probably the opposite. tom is an honorable guy. my experience with him has been nothing but pleasure. he has generally been as honest as the day is long. >> are you one who says the conclusion is unfair to the patriots? it seems there is ample evidence that he had something to do with it. depends on how you read this and i said it from the if you are somebody

that wants to find him guilty, you could read the report and believe that. if you are someone who wants to find him innocent, you could read it and say there is also a no evidence. i think it depends on how you look at it. you're standpoint, talking about a team of the last couple of decades. you're talking about as fine a football player as there is the country. i think when you get down to it, that is a coin flip and i do not think you could base a guy's career next -- a guys career on a coin flip. scarlet: making some comments as well, saying the games on the

field do not count as much as on park avenue. how does the disciplinary action compare with the mlb, the nba, with the nhl? >> we take the comments for what they were -- what they're worth. there that could really take something away from viewership and the ability to generate $10 billion in revenue? the only thing that exists is the erosion in trust, something is happening and the fans will not want to tune and because they do not believe the outcomes on the field. they need to play fantasy games, gamble on the nfl. that is the principle on which the entire operation rests. if the fans turner ray, just turn away, and they will if you think the outcome on the field is not just, this is what it is about.

the integrity of the gains must be protected for fear all that money must go elsewhere. is a lot of jealousy about the new and one patriots. they have been good for a long time. run by an owner who is one of the most respected international sports. -- in professional sports. these two dozen gentlemen alleged to be involved, does that not concern you? maybet give a sense that something was going on that should not have been? >> the question is, the whole complaint started after the jets game. tonkin came out and said the .alls were inflated 16 pounds is illegal as well. tom's's point was he did not want to handle a ball inflated that much.

is it illegal to change the pressure from 16 to 14? anything aboutd tom saying, i want the balls at 11 pounds per square inch, or 11.5 pounds per square inch. you never get that. all you hear is that he did not want them at 16, which i think, you know, if you talked to all the quarterbacks in the leak, probably very few wanted that inflated. most damaginggree in the report was the fact that tom brady did not provide text messages, phone messages, and they were asked for a narrow scope, not some that he could ask anything about football inflation and tom said no. he did not cooperate fully. surely the nfl frowns upon that.

>> i imagine that he does sticking points were the history and what had happened before and what they believe is tom not working with them. if they had asked me for my phone, i would not have given it to me -- to them either. a billionaire and married to the fittest woman in the world, i would probably be less likely. >> sunday night, week five. mark: we will have to leave it there. thank you for your time. thank you both so much. ahead, ahead of the senate banking committee pushing for a major overhaul in dodd-frank, wheels week with senator richard shelby coming up next. ♪

mark: welcome back. scarlet: unveiled the biggest proposed overhauls since 2010. the legislative polls it would impose new oversight over the fed in particular. peter cook is on the hill to find out more about it though wall street has been eager to see. peter.

peter: thank you so much. everyone in the financial services and mistry is certainly eager to see what your goal is with the legislation. >> the goal is to give basic relief to the dodd frank act. a lot of the thrust is toward small banks in the country and the smaller to medium-sized banks. there are a number of other things in there. we believe we could improve legislation and we believe it is a good start. >> you want to tweak some things in dodd-frank. you decided not to pursue the fed but there are still changes here. call siu already audit the fed. some people would like to do away with the fed. if we did not have the fed, we would have to create something like it. we need strong oversight of the fed, to know what they are doing

and why they are doing it and so forth. they are a creature of congress i doit on the other hand, not believe myself 500 and 35 members of congress ought to be in the board of the government, so to speak. step.f the a good first andlieve it is long needed i hope lawmakers would be receptive to it. this.have talked about not contained in this legislation? had hearings on that. have got a moving target. the economy is moving, evolving either up or down all the time. you need a goal but i'm not sure

about a hard and fast rule. some people argue otherwise. >> head of the new york fed, someone offered up by the president and confirmed by the u.s. senate. that will be in the legislation? >> and i think it ought to be. see what is doable right now. >> what is? we have heard push back from democratic colleagues on the banking committee at the panel is not thrilled with everything in here and refers to it as a sprawling industry wish list of rollbacks. >> i think my colleagues looked at this very carefully. friday and them said, look at this, sit down and we will discuss it. this is a substantive bill. we have got a long time around here until christmas. plenty of time.

go, we are not yet sure, but we believe we are at a good start. , theparticular change is $50ld right now billion in assets. you would move that hire? itthat is the proposal but would still give discretion to the regulator. they are dealing with it every day. they should know what is going on in the bank, whether they are systemically risky or not. we are trying to give the federal reserve some discretion and they do not have it today. it's the regulatory pendulum swung too far in your view in dodd-frank question mark is absolutely, but not too far. common sense, things that work. every bank in the country, small and medium-sized tanks, they did not cause systemic risk and

never will. but they have been making them pay the price. peter: you are about to head back to the senate floor and there is a vote. the ways are standing of their own president. how will richard shelby vote? >> that is a good question and i will vote in a few minutes per i have misgivings about it. . like free trade but this is a lot of unanswered questions in the proposal and it gives the president a lot of power. peter: as always, we appreciate it. people in the financial services industry and beyond are very interested. >> absolutely. thanks with less than $500 billion in assets like suntrust, would free them from the most onerous of the oversight proposed. coming up from one

deadline to another, greece will clear yet another hurdle as it pays millions to the international monetary fund. the latest when we return. ♪

mark: welcome back. and oneaces deadlines is today. spain posits finance minister is said quoting here, greece passes liquidity situation is getting increasingly, dated. david has more on this story. david: greece's lurching from deadline to deadline as skies over europe get clouded again. a debt to gdp ratio of 180%.

they'd hundred $80 million is a lot of money, but a small fraction of greece's is total debt, which is much bigger at $368 billion. if you were to take the combined fortune of the three richest men in the world, you would still 140 billiontional dollars to get greece out of the red. makes aas greece payment to one of its creditors, there are more deadlines around the corner. in june, for deadlines. at the end of july, almost $4 billion it has to make by july 20. greece has been begging european financers for more money and what they have been saying is, greece, you will not get any more money without meeting conditions. maybe changing the way you pay government workers. if greece gets more money, it will buy the country a little

more time. it begs the question, what happens next? we had two bailouts and is likely greece would need a third rail out. nor for the money to be there when they needed, negotiations would probably have to start right away. david with an explainer on what is going on with greece. finance minister did make some comments that there is not a whole lot of substance. that is the story all along. mark: that is it for me on this tuesday. scarlet: until tomorrow. coming up, we will show you a king.ent side of the bond how bill gross is trying to change the world through philanthropy. ♪

scarlet: let's listen in to the press conference. >> to launch a full-fledged dialogue. this is in agreements on the trails of february. reform, theal opinion of people [indiscernible] to the blockade that had been introduced. to be implemented. we, secretary kerry i, agreed to exercise to the conflict in order to urge them to implement all of their agreements and accused.

to build up all assets, ensuring the launch of the process that could lead to commencing the agreements. agreed the problem of [indiscernible] those are getting even more powerful. not only in this situation but also beyond it. to join our efforts of all leading powers. scarlet: alice a russian foreign

minister speaking at his news conference in so she with john kerry. to discuss major current world issues. let's get straight to the stories making news this hour. a first rate bump from the feds for 2006 is looking at capital flows. no matter how well foreshadowed, he made those remarks at a zurich.n the wireless carrier agreeing to buy an internet carrier. verizon for aol. it is a 17% premium to aol's last halo became famous for its dial-up internet service and the you got mail notification. tools were developed for delivering high-quality video. it is hard to believe, sobering times in the ukraine, the

company reported widening loss citing political unrest and economic turmoil in the region. shares in the company even though it beat estimates for profits. authorities say the tornado that struck a small texas town destroyed almost 120 homes. killed when it .it about 70 miles southeast closing arguments will be held wednesday at a boston marathon bombing trial. the last of 44 defense witnesses was a death panel opponent. -- the robin hood take placewill tonight and for the first time ever, there will be satellite

parties for folks who will be allowed to drink, dine, and donate. ticketbecome a hottest after being founded by david and paula jones. those are your top stories for global resources of bloomberg news. coming up in the next half-hour, the bloomberg markets day. we will hear from the blackstone cofounder billionaire. he is giving to yale university. and after opec reduced its global demand outlook for oil, we will take a look and bring you all the numbers for the commodities close. kerry,et back to john the u.s. secretary of state speaking in sochi with his russian counterpart. towe rarely have the chance be able to speak for as long as we did today, as uninterrupted as it was today, and obviously, there are a number of critical issues president obama wanted me

to be able to share with president putin and the foreign minister. know, we have, just in the last days, celebrated the 70th anniversary of the day the united states, defeatednd our allies the scourge of nazi-ism. earlier today, i had the privilege of attending with the for thousand of the millions of courageous soviets who died in world war ii are buried. and ia beautiful memorial was moved by the young children they're taking part in the ceremony.

surrogate and i both came away from this ceremony with a very powerful reminder of the sacrifices we shared to bring about a safer world and of what our nations can accomplish when our peoples are working together toward the same goal. we are obviously in the midst of a challenging time. here in so she today, was hourseged to spend many with the foreign minister and with president putin discussing a number of global issues on which oath of our countries are very focused. putinateful to president for the significant amount of time he made available to this for his direct in detailed explanations of russia pauses position with respect to some of these

challenges, and the ways he believed we have an ability to be able to work constructively with each other to resolve the problems. the fact that certainly leaps out at me from this day's discussions, precisely what brought me here in the first is that there is no substitute for talking directly to key decision-makers, particularly during a time that --as complex and fast losing fast-moving as this is. as sergei said, we discussed iran, where russia and the united states and our other partners are working very hard through the nuclear negotiations with iran. coming into the last six weeks of those negotiations. that unity hasnd been key to bringing us to where

we are today. it will also be the key to and toing a good deal our being confident that the deal will be able to be well implemented. the united states and russia remain closely aligned in this effort, as do the rest of our allies and friends, eu partners. we also discussed today the real and present danger of isil. while russia is not a formal ,ember of the global coalition rush is an important partner in the global effort against violent extremism and counter is violentuntering extremism is the first order of priority for both russia and the united states. no one should doubt that the

reach of groups extends far the particular region of operations, and it effects every single one of us. the united states, russia, and the rest of the world. we are in unity with respect to our commitment to continue to and ultimately, to drive it out of iraq and syria and to eliminate it as a threat to any of us. to the removal of syria's i would weapons, emphasize that we have seen what happens when russia and the united states were together. it is clearly possible to make real progress and make important things happen. reckons -- referenced that in his comments and i would underscore it myself. that confidence in our

ability to make a difference on that helped tos bring us here today to discuss the road ahead. an urgent need, we agree, for the same kind of cooperation that brought about the removal of weapons from syria, chemical weapons that has characterized our cooperation on iran, the same kind of effort is now necessary on some other challenges that we face together. we havething, while come a long way with respect to chemical weapons, we see reports of current potential attacks on innocent people. the threat of violent extremism in the region continues to grow. believes syriaes will never be at peace until there is a political solution, a political transition in syria.

is the political outcome negotiated by and for syrians and facilitated by key external powers. today, we discussed at some length how the united states and onsia might work together this in the days ahead. the foreign minister and i agreed to examine specific concepts but more importantly, to continue that conversation in with increaseds focus and purpose spared we have also discussed other regional issues. libya, yemen, and president obama passes upcoming summit. course, we did spend time in the ukraine as sergei has mentioned. i reiterated america's view that

the agreements are absolutely, in our judgment, by far the best path, the principal to peace. the agreements must be fully implemented. the sooner the better. offound a fair amount agreement, even as sergei has accurately disclosed to that we continue to disagree on certain of the walk up to it, or certain facts per we are in both significant agreement on the most important issue of all. that is, it will be resolved by full implementation, and we both, all of us and other friends and allies, have responsibilities to undertake in order to affect that implementation. if and when it is fully theemented, it is clear u.s. and eu sanctions could

begin to roll -- be rolled back, but i also made clear our deep concerns regarding the situation on the ground. sit -- continued perceived , and atns of cease-fire the airport that continued arming, training, commanding and controlling separate forces, we believe this fighting, the fighting taking place as a result of this, on any side, whoever instigated it, that it is gone on for too long and underscored today the steps the united states hopes to see taken by the parties in the coming days and weeks. we really believe a genuine cease-fire needs to be undertaken. i think sergei and president putin agreed that is important, as well as their with drawl of weapons and the demilitarization

and the monitoring. second, there needs to be a real discussion within the political regarding past two elections, elections that could be monitored properly and conformed to the ukrainian constitution as set out, and also regarding the decentralization that is important for that region. we also believe humanitarian access needs to gain greater freedom of movement, important very much -- >> for more, we will join peter cook. we were just listening to john kerry speak about his discussions. one thing he mentioned was there is no substitute for talking

directly to key decision-makers. it begs the question, when will president obama meet with the russian president vladimir putin? can someone it if that might be a question they get at the conclusion of the opening comments from secretary of state kerry and with the foreign minister, but you raise a good question and it is interesting just to hear the fact that john kerry is making these comments, critical comments about what is happening though in ukraine on russian soil. few met a lot over the last years but this is the first meeting on russian style, the first for john kerry to meet directly with vladimir putin. that clearly lasted longer than originally intended. they clearly disagree on a range of things. if there were news to come out of this, it may be the willingness to work together, perhaps towards trying to reach a political solution in syria. maybe just a little bit of wiggle room there. some potential for working

together between the u.s. and russia, even that has got to be a heavy list at this point. they do not see eye to eye at all. monitoringu are also in the senate right now. clarify for us, this is not actually the trade deal here? peter: that is correct. this is a big procedural vote. if this were to move forward, scarlet, you could arguably say the president's trade agenda is ambitious trade deals with pacific and europe would be moving forward quickly soon after. at the negotiators would see what happened on the floor and those deals would start moving forward. instead, the opposite is happening. democrats are standing in the way of the president getting trade authority. the trade deals remain in limbo as well. there is work to be done to resurrect this on the floor of the u.s. senate and over in the house. that might be tougher. it is a big blow for the president, no matter how they spin it today.

thank you very much, peter cook paired we will keep you posted on what happens out of the senate vote here we will be back after this. ♪

scarlet: welcome back to it we are 19 minutes past u.s. commodity markets. i had to bring in alix steel. let's take a look at how the crew did. it has been affected by the stronger dollar, but of late, it 2.4% over the past two

days. >> we're seeing the energy sector actually being one of the only advances because we are seeing the oil rally today where you just kind of see investors are looking at the bullish versus the bearish. side, the eia saying production from shale will actually all 1% this month, so lower production in the u.s. forting demand outlook 2015. >> isn't that wishful thinking? we have talked about this before. >> you are also seeing the weaker dollar pair there is plenty out there to choose from. you have saudi arabia and production at its highest level for the second month in a row ever. saudi arabia is producing 10 .3 million barrels per day, unbelievable amounts.

commerce bank also says the recent rally has been driven by speculation that laws are at highest level since 2011, meaning there is a lot more room for shakeout if we see a decline. they have got data later today and inventory numbers that will maybe show we saw another drop. >> the issue at that was it was really due to imports less than we had to drawdown stocks last week with imports increasing, we will not need to drawdown stocks here that is the issue and we are making it into products. they will build up somewhere so definitely watch that as well. in theory, the first time in a long time. >> let's check on copper prices and soybeans. you are excited about soybeans. there is a glut in soybeans. >> it is getting worse. record and oil inventories will rise about 12%

pay you have got output all over the place from brazil putting pressure on the prices. scarlet: too much commodities is the state of the world today. absolutely. scarlet: we have got much more coming up. tradeent obama's pacific pact. we will head back on the hill with an update on the vote. ♪

scarlet: peter cook on capitol hill. peter: the reality with the vote exactlythe u.s., it is what we expected and what we reported earlier. that is, the president and

republicans who support giving the president a fast track trade authority, that will fall short. that democrats have effectively stood in the way here, he has fallen short of getting 60 votes he needed. it is just a procedural vote and they could bring this back, but the reality is it is a big blow for the president who is really counting on fast track trade europe andith really, those were the key priorities for the economic agenda moving forward for the remainder of his term. now they are very much in doubt so it will be difficult for this present -- president to recover up to the democrats who do support the trade legislation but want to improve democrat's leverage in the senate first, that is why they did not back him today. they say they are prepared to back him in the future. the republican on trade says this will severe sleep -- severely damage the trip -- the president's trade.

a lot is likely after this vote wrapped up. scarlet: he said they could bring it back at how to they change it if they bring it back? peter: they want three other trade deals lumped in with this one and the other trade bills include assistance to american workers who might be displaced by the trade deals and also measures dealing with currency issues. these are controversial and that is why they are not part of the package now. still a lot of hurdles to get through to get this done. scarlet: democrats have thwarted the test vote on the trade deal. we have got much more coming up, including blackstone. ♪

alix: this is bloomberg market day p or verizon agreed to buy a loaf for $4.4 billion.

tim armstrong tells us why the deal is mainly about ads. aboutt: mcdonald's is all burgers and fries spirit we will tell you why it will soon be about kale. alix: global bonds launched forge a 56 billion dollars in about three weeks. traders on high alert in the free world. ♪ alix: good afternoon timeouts still here with scarlet fu. let's get a look at the markets with less than an hour to go until the closing bell. take a look at the nasdaq and the dow supporting losses now. points.500 losing 4.5 we really have not gone into positive territory all day. >> we deftly made up some of the losses we saw a earlier in the day. the global bond route we have seen here taking a pause