this is market makers at our new time. erik: we have got a lot to pay attention to. important economic data breaking. we will show you reaction. stephanie: ecb leaves rates unchanged. in 30 minutes we will hear from the ecb president mario draghi. there is a lot to watch this morning. before we get to the big numbers, top headlines just for you. they're are not calling it an ultimatum. they will present what they described as a proposal. they will meet with the head of the european commission. the new proposal will focus on policy they must adopt if they want to avoid a default. open to get feedback on a greece proposal submitted yesterday.

the plan was simply not sufficient. meanwhile, cutting its growth forecast it is one of the main reasons. the world economy will grow 3.1% this year. it is down from the 3.7 percent growth last forecast. greek crisis is hurting overall confidence and it also says business investment is lagging. erik: u.s. prosecutors are looking into sepp blatter as part of their corruption investigation. he has not been charged with any wrongdoing. he stunned the sports world yesterday announcing he would resign as president of fifa four days after being elected to a fifth term. collects although the members of fifa have given me a new mandate and reelected me president, the mandate is not seem to be

supported by everybody in the world of football. supporters, clubs players, those who inspire life in football as we do in fifa. erik: he is not leaving immediately. it may be until march before they elect the new president. meanwhile, six of criminal suspects have been put on the most wanted list. more consolidation ahead in the tech industry. in an exclusive interview, whitman said interview -- the industry's rearranging itself are preparing to split in two this november. before that happens, they have to turn that money around. >> it is hard. whenever you have come into a turnaround, it is always harder than you think. though i was on the board, you find out things you could not really see as a board member. it has been tough because the company has an through a lot. it just takes perseverance

spirit you get up every morning and fight the good fight and you win hearts and minds and restore the confidence of customers. it has been hard but really gratifying. erik: you can see all of her interview tomorrow night. those are your top headlines. stephanie: five years since boomer launched its service in san francisco, it is now raising $1.5 billion putting its company's valuation of $50 billion. it makes over it core -- uber equal to target. congratulations. five years. what a run. there are cities like miami or vegas where we did not think we would see uber and suddenly, it has changed. how come?

>> i think what you see is in the beginning, this is a new service and people struggle with that here we finally got new regulations and laws passed last week. i think what you see is a lot of people earning a living and a lot of people do not have mobility options and do not live next to a subway stop, it may be hard to get a taxi. i think the market is growing. there will still be a healthy market. they have an option to press a button and get a ride in a few minutes, they will choose that option. how do we help city solve some of the problems around congestion, emissions, and economic opportunity. erik: if you are right and there is more competition, then in theory, competitors should enter the market. carl i on is investing in one of

bloomberg's competitors. competition in theory should produce one outcome. prices should drop for the end-users. if that happens, something has to give. either uber takes a smaller commission from the drivers, or the drivers earn less. which is it? >> we will not have a successful business if we do not have drivers out there meeting demand. what does that due to driver income? what drivers want to do, and over 50% of our drivers drive less than 18% per week. it is a lot of people who have a full-time job. they are out there and they want to driving as much as possible. what you see drop, drivers do more trips. they make more money.

we watch that very carefully. there is a lot of demand out there to use the platform. erik: that does not address the commission question. if there is pressure on prices because of competition in the industry, how does uber respond? >> as we make decisions around pricing, what will that do to driver earning? we try to find a magic place where you can bring down prices low enough to use it as a writer. but driver income is maintained or increased. we have a service that is carpooling. rather than one person, it is tedious people going in the same direction. drivers are then on april actual trip. they have already always got someone in the car. though the price of an over trip is less, they're making more money. that is our focus, how we make drivers more efficient.

they mailed in drive for two hours a day. stephanie: how do you maintain a competitive advantage over left? at the end of the day, i do not actually care which service i'm using it i want to press a button, have the car downstairs and i want to be the cheapest. i do not have uber loyalty and i think a lot of others are in the same case. how do you maintain what you have? >> we have got to bring wait times even further down. our drivers are remarkable. very friendly. we have got to continue to innovate and bring more products. there is a lot to do with the platform. stephanie: there are a lot of

people here in new york city who think this uber has gotten more successful, many people have said it slipped back a bit. >> we continue to grow and continue to have people making the decision not to try, maybe even to ditch a car. we want to continue to keep the service up and bring it to more people. you also help them with congestion. carpooling we have been talking about for 50 years. we see it working in san francisco. our drivers do a remarkable job out there serving the city. any top they has to get that are in innovate and in hebron --

heated competition. how can we help and our competitors will play a role here as well. we want to have more people make a decision because congestion is already intolerable in those cities. it will grind cities to a halt and the only option is to get less people using the car. in new york what is amazing is 5% of taxi checks happen out side of had new new york city. stephanie: eric, you're smirking. do you disagree? erik: if some of the things you say prove to be true and you reduce congestion and fewer people own cars, pollution drops, that is a collateral benefit because your mission is to make money. your investors want you to make money. they invested in uber because

they want you to make a return. >> of course. obviously, we are running a successful business. but one of the reasons you see investors having such, it's in us is ecb unmet need where people would rather press a button than drive themselves. i think as we go through a successful business, it is interesting. one of the things -- reasons people want to drive for uber is they want to be a part of that. financially, of course, but they are also very excited where there is a lot of innovation. erik: people sign up to be uber drivers because they are excited in singapore? >> a lot of people who come to work at the company they're coming there because they believe in our mission. i think of was jarvis want to go out there and make sure while

they are driving, they're earning good money. of course that is first and most. but they feel good about driving people home who may have a few drinks at home -- at the bar. stephanie: you clearly have different uber drivers that i have here i am in a enthusiast and use it all day every day. you mentioned your investors. now that you are at a $50 billion evaluation, are you seeing some of those initial investors take the money and run? collects not at all. we are thrilled and humbled by the confidence of investors. stephanie: no one? that is impressive. >> well, they are not. what their confidence allows us to do is, in addition to improving the service we talked about earlier, we are obviously investing in companies like india and china were it is going well, the technology is very

hard so we have to spend money on research and development. stephanie: congratulations are an extraordinary five years. thank you. i'm enthusiast. erik: when we come back ministers in vienna are meeting right now and talking oil. stay tuned. ♪

stephanie: breaking news on the economic front. bonnie has the latest on the numbers. >> 200-1000 people last month according to employment reports. the first of three employment reports this week. the consensus is 100,000 in last month's's reading was 169,000. big boost their from the previous month. they like to look at the adp number here it does not necessarily skew their bias, but

if anything the consensus for friday is 220,000. adp national employment award once again coming in. stephanie: thank you so much for giving us the latest. erik: today, officials from the world's oil cartel in vienna on the ground there and also with us is stevie short, editor of the short report and energy industry news letter. tell us what is the probability opec will deliver a surprise, perhaps not as big as the one we got a few months ago but a surprise nonetheless. >> i think the conclusion of the meeting will be a rollover. it will continue keeping

pressure trying to keep prices relatively low. stephanie: c believe the rebound has anything to do with opec? >> i do not. we have extraordinary demand for oil. a 3-1 ratio relative to the five-year average. a cut in production would certainly make ends. demand for oil will peek over the next month and then we will segue into the following demand for oil as to go into the turnaround season and the summer gas reason and. regardless of what opec passes decisions are, we will not see a cutback in north american production because we're not getting the price signal plus

we have a situation where we have hedges on. the production will remain through the rest of the year regardless of opec and what it says. that said, a cut makes sense. the biggest concern here is economic growth. the numbers we got yesterday clearly indicate the u.s. manufacturer on a make, this moke stack economy, is in the session. the last thing they want to do now is create a scenario where they get a strong price and push the u.s. economy into recession. i re-the faster we get a rollover it is to-one odds that we might get an increase because of the fears and lastly the reason we certainly are not going to get a cut is remember we have the sunni side fighting the sheets side.

again, to reiterate, we are likely to get a rollover. there is a good chance we might even get a reduction increase. erik: is stephen wright that opec might raise quotas? >> [indiscernible] this -- i spoke this morning with a number of officials in all of them have read they know iranian production -- sales at opec this morning -- that would be the case. erik: even if it is a remote possibility, i would presume if there is any momentum to increase quotas at all it is because the saudi's do not believe the decision to let the

market dictate the price is working well enough. >> the decision is working very well. i think what they want to do is [indiscernible] continue because they know long-term in the next couple of years, taking market share is from anyone else. erik: why wti has recovered explain what is going on elsewhere. is this for that explanation or another reason?

clijsters certainly is the issue with regard to hear with the differences. u.s. capacity, storage capacity we do not have any place else to put oil at this point. unlike brent global and price internationally, we are sitting on a situation where we cannot let these barrels. we are producing and do not have enough place to store it. that is why keeps the price cheap or the discount relative to brent. stephanie: in just about 10 minutes, the ecb president mario draghi. since we just interviewed david from over, i am seeing all these tweets saying it is a good thing. it is not a public service.

i do not necessarily has to be all things to all people. ♪

julie: time now for futures in focus. the best they intend weeks yesterday on optimism on great talks -- greek talks. leaving rates unchanged, the press conference is starting in a few minutes now and we may see more movement was that happened. joining me now is the chief market strategist -- we are talking about the euro

futures in reaction to the ecb and all of this going on in greece. what kind of diversions are we seeing at the futures market? >> good morning. the futures market is a bit less optimistic than the spock market at this point. you're looking at that sort of typical european charm that u.s. officials do not have and i think it will be optimistic. we talk about the way the ecb approached qe it took them a long time to accept the fact that that was some and they probably needed to do to bring it to other industries could compete. you will see the same thing when he talks about inflation outlook. i think there is a lot of optimistic outlook. i do not think it will be as optimistic as mario draghi will be too. stephanie: the data we got

yesterday on inflation showed some inflation. it seems like there is one data point at least to back up some of that optimism. >> i do not want to call it spoiled, because it is been a bad time for economies and good time for equity markets, but i think when you're looking at that little inflation as a positive actor, i agree that will keep rates on hold, but they will not be able to come out of this anytime soon p are you look at that versus the u.s. federal reserve, i believe will raise rates in 2015. still looking at a weaker euro over the medium-term. unfortunately, the target for the euro is definitely 104 and most likely parity.

stephanie: are you selling the euro? >> no. i am looking at a 10 year tattoo top on the euro-dollar. every time it has gone on multiyear rallies come it has reached a lower high than in the past and lower lows in the past -- than in the past. that again targets even parity over the long-term. the strong dollar versus the euro is the trade. the only place you see your strength possibly sustaining his with the yen. julie: talking about euro features. back to you. erik: julie hyman with the latest on futures. stephanie: here are your top stories on the hour. greece is running out of options. today, the prime minister durer

-- the prime minister on proposal from creditors. in brussels to meet with the head of the european commission. the new proposal focuses on what reforms greece needs to make if it simply want more money from a bailout package. there has been speculation that crisis could and with greece officially leaving the euro zone the dutch prime minister says no one wants to see that happen. >> nobody wants it. i do not believe greece wants it. what you are aiming for is to have a solution were greece accepts also the new government. stephanie: reforming greece tensions and labor rules. a european official tells bloomberg it was not sufficient. a few minutes ago, we got a

snapshot of how the labor market is doing. american companies added 200-1000 shops, slightly higher than estimates. tomorrow, we will get initial jobless claims. on friday the government comes up with the may jobs report. erik: we have got the 80 p just report earlier this morning. let's take it to bonnie. >> two for two today. narrowing quite substantially. $40.9 billion is the deficit, do partially to the stronger dollar . the previous month deficit coming in on the ecb press conference today, the jobs data we are seeing markets higher.

mario draghi: we decided to keep the key interest rates unchanged. regarding policy measures, the programs are proceeding well. 60 billion euros per month intended to run until the end of september of 2016 and in any case them until we see sustained adjustment, our aim of close to 2% over the medium-term. -- concentrate on trends and inflation. if judged to be stringent, and

to have no implication for the medium-term outlook for price stability. our model -- monetary policy measures have contributed to a broad-based easing in financial conditions. recovering inflation expectations in more favorable boring conditions for firms. the effect of these measures are working their way through the me and are contributing to economic growth, a reduction to money and credit expansion. the full implementation of all of our monetary policy measures will provide the necessary support to the euro area economy. sustained rates close to 2% in the medium-term, and underpin

the firm anchoring of medium to long-term expectations. let me explain our assessment in greater detail, starting with the economic analysis. in the first quarter of 2015 it rose 0.4 percent quarter to quarter after 0.3% in the last quarter of 2014. private consumption was the main drivers behind consumption. the growth trend in the second quarter. looking ahead, we expect economic recovery to broaden. domestic demand should be further supported by monetary policy measures and the favorable impact as well as

progress made with structural reforms. the low level of the price of oil should continue and therefore, private consumption and investment. furthermore, demand for euro exports should benefit price competitiveness. however, economic growth in the euro area is likely to continue to be dampened by the necessary balance sheet this assessment is also broadly reflect -- reflected in the june 2015 euro systems -- microeconomic projections for the area which

perceive gdp increasing what -- by 1.5% in 2015, one .9% in 2016, and 2% in 2017. compared with march of 2015, the ecb staff macroeconomic projections, the projections for real gdp growth over the horizon remained virtually unchanged. remaining on the downside, the risks surrounding the economic outlook for the euro area have begun more balance on account of our monetary policy decisions and oil price and exchange rate develop its. inflation bottom out at the beginning of the year. euro area annual inflation was 0.3% in may of 2015 up from 0%

in april and compared with -0.6% in january. on the basis of information available annual inflation is expected to remain low in the months ahead and to rise this year. also an account -- late 2014. supported by the expected economic recovery, the impact of the lower euro exchange rate and the consumption embedded in oil futures market a somewhat higher oil prices in the years ahead, inflation rates arcs acted to pick up further during 2016 and 2017. the assessment is also broadly reflected in the june of 2015

euro systems macroeconomic ejections for the euro area, which foresee annual hi cp inflation in 2016, 1.5% in 2016, and 1.8% 2017. in comparison with the march 2015 macroeconomic projections, inflation projections had been revised upwards for 2015. and remained unchanged the governing council will continue to monitor closely the risk for the development for the medium-term. in this context, we will particularly focus on the monetary policy measures as well as on geopolitical exchange rate and energy price developments.

we will notice the full implementation of all of our monitoring -- monetary measures. we also take into account uncertainty tends to -- projection horizons. turning to the monetary analysis, the reason the increase in underlying growth money -- the annual growth -- growth rate increased to 5.3% in april up 4.6% in march. annual growth continues to be supported with a narrow monetary aggregate growing at an annual were -- annual rate of 10.5% in april. loan dynamics gradually improve further.

-0.1% in april after minus zero point percent in march continues its gradual recovery from a trust of -3.2% in february of 2014. despite these improvements they continued to reflect the relationship with the business cycle. credit risk, credit supply factors, and the ongoing adjustment of financial and nonfinancial balance sheets. the annual growth rate of loans to households increased further to 1.3% after 1.1% in march.

the monetary policy measures -- >> that is the ecb president mario draghi geeking this morning. we had that announcement at 7:45, policy unchanged. i was hoping to hear something about greece that may yet come out in this news conference parents -- conference. >> wait for that. i will say so far, the most important thing mario draghi said is that qe is working. the inflation forecast has changed her this year. the forecast unchanged next year and hereafter. he sees growth improving this year. erik: looking for 2% in 2007 in

that is two years from now. it will only be 2% as far as the ecb forecast is concerned. one is the necessary balance sheet judgments that still need to take lace, and then frustratingly for central bankers around the world, lack of progress on structural reform, we hear so much about this. it is not unanimity. one person who spoke about it here in america, the cars are, -- car czar. those questions will be structural reform, what will it take mario draghi on that argument. destiny: do you think he could've made a comment on greece given the proposal -- >> he will be asked about it.

the ecb is one of the parties at the table. he knows what is going on and whether or not the us patience will throw bones. they've got to offer something. he will accept their deal. stephanie: very much focused on, and when we come back, we will talk about their problems and why the gaming company is something you should be watching today. stick around. ♪

stephanie: welcome back. caesars entertainment, always putting its biggest unit in bankruptcy back since january. this week, it is down nearly 20%. bloomberg's reporter joins us

now. there is a hearing today in chicago or 20 ackley can we that? >> this will be long. other bankers, there will be potentially cause. they're trying to come up with -- he actually could say, we are going to put that on hold for now. they're asking for the judge for that. but all of those classes. >> who are the biggest players in terms of investors? >> we have got oak tree, you can really name any investor. stephanie: but you have them on the same side? and then private equity guys on the other side? laura: of course, they are the sponsors they are the owners. equity value of this company.

erik: they have made significant progress of the soul now. laura: yes, in the sense they have been able to keep the company out of bankruptcy. it'll happen here is the question of, if the lawsuit out by the bankruptcy can go forward, there is a question because it would have to absorb the liabilities it had gotten rid of. it would come back, exactly. there are a lot of legal steps to get there. erik: bankruptcy arguments are tough because lawyers are clever and every argument a make sounds sensible. is there a sense you are getting people inside and outside the case who has got more game? laura: even from the bankruptcy, lawsuits are coming in at we've known a long time this would be an issue. the judge seems to be more -- i

think, i do not know. not private equities. the problem here is you do not have a sense of where the judges will rule. it is just becoming more and more murky. stephanie: the good news is none of these investors involved will go broke. it will all work out. laura joining us. erik: and mario draghi's press conference continues. all he has had to say thus far is a strong agreement is needed on greece. it is probably unanimity on that front among discussions between the greeks and creditors. we will be back into this minutes.

-- in two minutes. ♪

erik: now that fifa president sepp blatter has announced his resignation, what is next for international soccer's governing body? earlier today, spoke with somebody who had a pretty good idea. chairman of england's premier league we had a lot to talk about but i began by asking about the possibility that sees the would just end up splintering. >> any chance of it breaking away is very limited. i do not think anyone would do that yet. i think there is a possibility that people agree they continue

with russia in 2018 -- i think it is impossible as far as they could -- as far as they are concerned that they could possibly do this in 2022. that has to change. in qatar, that'll never happen. they will not allow this to happen. that is a fundamental disagreement between everyone here in europe and south america, i believe, and i also think north america as well. so i think that is impossible. the question will be, what is the position of russia? i believe when push comes to shove, russia may decided better to go with that and make sure they are different two 2022. this will take a very serious conversation but also, at the end of the year, they have a new man coming in charge.

where is that from, who will that be, that will obviously big -- be a big person. >> lighted sepp blatter resign? >> i think there is no question whatsoever, from his viewpoint in doing that job, he goes around the world the whole time. he, i think, understood that if he kept doing this, going around outside there was a real possibility i think that the americans would get him on something. some of this is very close indeed. a possibility -- i think he is actually trying to make it is great as possible that he can manage to avoid, actually get done.

>> here is what i'm left wondering. surely football, is corrupt too. i am also left wondering, if that is the case, what about the premier league? there are two point 2 billion pounds of meteorites. oligarchs, billions more that happens around every match. >> he have got two different questions. the first is as you know, i was doing that job as chairman and unfortunately last year got very ill. the fact of the matter is, in terms of structure, that is done right, fair, and correctly. many of the things it has done is not right. most important for all, some of the money going to those people, which does not happen to people

playing football in england that that changed. i remember if you look at the position 20 or 30 years ago, they need to be changed. by the 1990's, it is quite clear it was changed. if you look now at what is happening around the world, doing this properly and rightly, they have got to do the same. if they do not do this in the next months, i think they will be breaking away from where they have done amazing things in europe around that part of the world. that is the greatest it has appeared in other parts around the world, they have got to change. if they try to do that, they will break away.

when we come back -- ♪

>> live from bloomberg headquarters in new york, this is market makers with erik schatzker stephanie ruhle. >> good morning again. i'm erik schatzker. stephanie: it is 9:00. we are having a very busy morning. >> and we have a special guest here for the hour. the investment arm for bloomberg's personal info graphic -- he's had a long career as money management and you may know him as the former president of obama's task force.

stephanie: car czar. mario draghi is taking questions from reporters in frankfurt. i want to check back with vonnie quinn for headlines and market reaction. >> he is being asked about greece. he said there is no credible perspective on the greece program solution and we know the prime minister of greece will meet with the ecb president later today. mario draghi trying to field some questions there here and in terms of what he said about the euro area, he said that a sickly, growth momentum was slowing in the eurozone p or he also changed a little bit the inflation forecast. inflation unchanged from the

previous forecast and in terms of growth, unchanged from the previous forecast next year or 1.9% next year. stephanie: thank you for giving us the latest. here is a look at the top stories of the morning. greece is running out of options. today, the prime minister is on his way to brussels where he will learn of details of the final proposal for president -- predators. the nation could be out as soon as this friday. he called for the sides to officially come together. >> we need unity and must avoid division. i'm sure it will do what it must. stephanie: sippers has talked

and he submitted his own proposal yesterday that at least one european official tells bloomberg -- erik: oh ecb cutting the growth forecasts and that is one of the reasons being cited. they say it will grow 3.1% this year down from a previous projection of 3.7% late last fall. the greek crisis is damaging confidence and it says business investment is -- the buyback by the third largest u.s. burger chain one third of a stake. wendy's ceo stepping up shareholder rewards. the competition is intensifying. jamie dimon is a rarity among bank managers. he has become a billionaire. his net worth but half of it is

j.p. morgan stock. he also has an investment portfolio jumpstarted by the sale of $10 million of citigroup shares years ago. stephanie: there we go, headline we just got from jamie dimon. look jamie get a public be down? >> is a lot of low back in general. he has done a fantastic job near record high. >> public enemy number one.

>> the irony is they are public enemy number one. this has gone on to history if you go back to the great depression, people thought they were responsible for it. you need it with a boy and it has been a tough time in america for too many people. erik: is this really what capitalism is all about? it rewards risk takers, entrepreneurs -- stephanie: banking system feels the economy. erik: i understand -- the professional >>, does it deserve on the basis of compensation, payout of money that could otherwise go to shareholders deserve to be at billionaire? >> you have a situation this guys 10% more than enough guys

10% more and pretty soon, you have million-dollar ceo's he spirit i get that. i think jamie dimon is an exception. the job he did at bank one and jpmorgan, he built a shareholder value and it brings into a generous reward. stephanie: could one make the argument that maybe the regulators would may be able to do as good of a job because the agencies cannot hire top talent because they cannot pay for them? >> i do not think that is really of it -- at issue here. it is a question of ceo compensation, how ceo's's are rewarded. there have been changes in the way that shares for example stock options are doled out since the days when much of the wealth was a emulated at citigroup. >> member he is well-paid but not the highest-paid ceo in america. a lot of wealth he had came from the depreciation of stock he had

along the way. that is what this is all about. he creates that much shareholder value, it is a titled to be compensated for it. stephanie: i want to bring the bloomberg intelligence chief u.s. economist, my four little -- former colleague. give us your latest carl. karl: -- carl: trade deficit narrowed quite a bit. it is a very strange ricochet we are seeing in the first and second quarter. depressing trades, mainly depressing imports. container ships got unloaded in march, a dramatic widening of the trade gap. i think we need to look at a moving average to get a better sense of what is going on. the moral of the story is the strong dollar will continue to drive imports. imports will be a drag on gdp

something will be in place for the medium term at least particularly if the fed is raising rates faster than our other trading partners. so do not get too confident based on april trade figures. adp in line with expectations. it has not been particularly great in the last few months. but i think we will he decent sector gains and ongoing problems where ours are falling and capacity is fairly slack here look for service driven job growth. it will not be good enough to push the fed toward rate action in june or july. i think september is possible, but we need to see the unemployment rate moving lower. >> it is a tricky line to walk, isn't it? unemployment could drop further. that would be a surprise, but nevertheless, it has surprised.

as karo points out, the other indicators of the market remain weakened. >> right. and there has been no wage growth. we have had a lackluster month and on balance, there has been no real wage growth. i think we want to see some red -- some wage growth. i think with the effect of the strong dollar that karl was talking about, you will see rates stay lower for longer. stephanie: what about the unintended consequences of being where they are? >> that the fed is heading us off i think that has been completely wrong. if the vet is not done what it has done in the last five years, this economy would be in worse shape than today. ? of the problem is it is hard to define exactly how much worse it would be. >> sure. people who think finance is science are a little off base. i think the fed on balance has done a great job and i think the right posture for the moment is

lower for longer, until, as larry summers said, to the sea the a's of inflation. >> in the first several years of the recovery, gdp growth was lackluster, absolutely we grew at a 2% pace of that 2% growth rate, just trend, so it iswe do not have inflation if we are just growing at trend, half of the growth rate was asked what spirit if we did not have the qe week dollar story helping the economy at the time, we may not have reached exit velocity. stephanie: steve, you're not going anywhere. erik: mario draghi continues to speak and answer questions and he says for the time being, the ecb sees no reason to add, 60 billion euros for bond purchases

every month. we will be back with steve. ♪

stephanie: welcome back. i'm stephanie ruhle with my partner, erik schatzker. fit it is set to make an ipo debut, seeking as much as $478 million. but as the company readies to go public, could it actually have raised more in private hands? carter joins us now for more on the ipo world. carter, just a few months ago fitbit tried to raise money on private market and it could not. why so much easier on the public market? >> he is usually easier these days, but for fitbit, it is a consumer brand name. those deals get a lot of attention in the public market because people know it, like when twitter went public and

other consumer focused companies, fit it has got the market share in the wearables market. playing into the trend of health and wellness. i think it will get a lot of attention in the public market. >> in the private market, what is the issue? making the claim that fitbit has no r&d and they are stealing trade secrets and the people, at the same time, fitbit tried to push an ipo through and it makes some of us scratch our heads. >> yeah, it could have been a legal situation but it is getting a lot of attention. it will be an interesting debut. >> with as much money as there is in the private markets cooper is one example of raising sums at nose lead valuation. even with the jobs, being public is a pain in the but. >> it is. that is why you have seen

relatively few companies go public. they are unicorns. the number is just getting larger. people out in the valley, it is just what you said and why do i need this misery? you have ipos that do better or worse. >> what will the impact be on the capital markets and the economy if that train continues. >> i do not think it is bad. we just discussed unbelievable amounts of capital from private sources per or you could argue valuations are inflated. there is no issue about companies trying to get started. stephanie: if valuations are inflated, does it surprise you, early we spoke to david from uber and we asked, when hooper was valued at less than $1 billion, have you seen any of them trade out now that it is at 50, he said no one. >> that is really not quite true.

you do see a certain number of secondary sales in the private market. it is not bad. some of these people have been there a long time and have made a ton of money and they want to take some chips off the table. >> i was speaking to someone yesterday who had a personal friend and said he cashed out at about 25,000 percent return. he was just commenting on it. >> in some of the private rounds , a lot have a chance to get liquidity. they keep getting these higher valuations. the other thing going on especially with the last round with uber, it is highly structured. investors have a ratchet to whatever the ipo price is and it is creating issues for the earlier round of investors.

>> will there you go. >> thank you very much, great to have you here. stephanie: entourage the movie per. -- premieres tonight. i got a chance to see the movie and we have those highlights ahead. ♪

stephanie: welcome back. here is a quick look at the top stories of the hour. international governing body of soccer is officially looking for a new leader. the current leader might be looking for a new lawyer. bloomberg news says u.s. prosecutors are looking at the fifa president in their sweeping corruption investigation. yesterday, he made a stunning announcement that he is resigning, just four days after

being elected to a fifth term. loretta lynch spoke earlier. loretta lynch: i do not have a comment on mr. blatter's decision to step down except to say we hope the organization moves forward in a way that supports its goals, the promotion and regulation of a truly wonderful sport. question in lafayette for a meeting with eu justice matters -- administers. 80 p report says american companies added 200-1000 jobs last month, slightly higher than estimates. we will get initial jobless claims tomorrow and of course the federal government will release the magi's report friday. and you know american apparel has arrived in new york to begin final preparations. the winner of the kentucky derby is trying to become the first triple crown rick -- winner

since 1978. he was the last of the 11 previous triple crown winners. we are better to win then lot -- than long -- dan long island. -- than long island. as it is tough. a lot of horses have gone to the first two and not to the third. we will see what happens. stephanie: i think it is a great american story. i do. i like parties,.. i like parties and world events. pretty good time. erik: we will tell you what is moving markets next. ♪

erik: we are just a few minutes away from the opening bell. the executive editor for bloomberg markets is here and so is steve ratner chairman of the investment are for philanthropic

assets. he also happens to be the former car czar. tracy: we have had another quite large government bond selloff. we saw german yields soaring yesterday. we also saw italian and french bonds and u.s. treasuries moving on the back of that as well. you guys remember, the big government bond selloffs are kind of becoming a theme in markets. it is amazing we have these positions that need to be fleshed out, actually. >> stuff is happening, but due in no whether the positions are that big? the liquidity question keeps coming up, even in sovereign markets. >> he will ask me to talk about liquidity. actually, there is a long-running debate about liquidity. you go ahead. steve: with respect to the u.s. treasuries, it is why did it not

selloff earlier? rates cannot make sense in the long run, so i think it's is all a logical adjustment. >> he other big thing is it is a huge day for economic data. especially in the u.s., your dimension adp numbers. those are being closely watched ahead of payrolls friday. we had the trade balance slightly better than expected. we still have other things coming up, and we also have fed president charlie evans who will be talking later today. everyone wants to figure out what is going on with the u.s. economy. we have the soft numbers in q1 and we are looking for clues as to what happens in q2 and that feeds into interest rates. erik: so long is the u.s. economy is grading $200,000 -- 200,000 jobs per month, is everything ok? larry summers talks about the whites of their eyes and inflation -- >> we are moving in the right direction but still slower than

what we want. we have the down quarter in gdp which may be a seasonal anomaly. no one thinks the economy is growing at a huge speed. i think we still have a lot of work to do. stephanie: the fact that we're doing better than the rest of the world, couldn't one say that is one of the reasons we have seen the s&p do so well? >> yes, with the best house in a bad neighborhood. i mean, are you on the anti-buyback and lagging? >> it is a little overstated here if you look at the numbers, they are not usually tough. i think it is because ceo's is simply do not see the demand. they will not invest in it is a professional chicken and eight problem. ideally, the federal government would spend more, but that will not happen. otherwise, i think we just keep

inching along. >> number three, everyone has talked about developing markets today, including greece. draw attention to china for a second or chinese stocks changed directions 16 times today. there have also been local reports that they are injecting more liquidity into the economy. at the same time, there are a bunch of people talking about how chinese stocks have completely divorced from fundamentals at this point. steve rattner: the a shares, the young growth companies are trading valuation that is insane. some of the bigger companies are still reasonably priced. stephanie: we want to take you to the newsroom. what is the focus? julie: stocks rebounding today they felt yesterday for the third day.

the s&p 500 coming back on some of what you guys are talking about, the adp report. watching the affect on the debt market. movers, take a look at wendy's, the third-largest burger chain in the u.s.. the stock should be trading higher. it will still be the largest shareholder. we are also looking at linkedin. jpmorgan putting it on the focus list. the analysts they are talking about a high quality growth story for linkedin and shares are up nearly 4%. i also wanted to check on american airlines. there are concerns about capacity growth.

there has been a lot of capacity discipline over the past few years and there is concern it may be growing rapidly and putting pressure on pricing. thanks america and merrill lynch say that -- bank of america and merrill lynch say that american airlines is particularly vulnerable. thank you. erik: let's take you back to steve rattner:. one comment i have for you is something mario draghi said earlier. he agrees with you. you say that europe needs of structural reform in a big way. mario draghi said two of the things holding back eurozone growth are on the one hand some balance sheet adjustment that needs to take place and on the other hand, lack of progress on structural reform.

steve rattner: i spend a reasonable time in europe and when you hear the stories about how hard it is in places like france or even germany to manage a company it is very hard to imagine these countries being competitive without these kinds of structural reforms. stephanie: why is it so difficult for these companies? steve rattner: italy is just about to reform its label office. a governed just about everything you had to do with respect to your workers. they are more worried about how they divide up the pie. erik: to be fair krugman is ready to take on all comers. how do you feel? steve rattner: i am flattered

that he thinks that im big enough to bash. it is flattering to have him come after you. i think he is wrong on this. erik: he is not getting out enough, talking to the ceos in europe? steve rattner: i think this is to wear academic economics get divorced from reality. he looks at his macros models and says we need more demand. i agree with that. but there is a microeconomic aspect that i think macro economists underestimate. i think there is an element -- i don't know how macro economic models work. we are both playing our own game. they see it from a top-down approach. erik: when they are invited to confabs -- the economists --

does that not help? finance ministers, central bankers know what is going on in the economy. steve rattner: you have germany which has a very different view about how to manage your fiscal policy, right? very conservative. they're not going to change the minds of the germans. that is just how they think about life. but i think there'd be more pressure for fiscal change if there was more reform. erik: there is a big argument that america needs structural reform as well. steve rattner: sure. we are not perfect. there are plenty of issues with our regulations. fiscal policy is unbalanced, we are cutting things we should be increasing. we have plenty of issues. but again, we are by far the best house.

erik: if you could change one thing about tax policy, what would it be? steve rattner: corporate tax. the consequence of it is that corporations do not pay their fair share. if you look at the percent of federal revenues from the corporate side, it has been going down, down, down. they need to pay their fair share. stephanie: greece? steve rattner: i think the eurozone could withstand it. i just cannot see greece doing what it needs to do. it does not feel like it is going to happen and i do not think the rest of europe is going to back down. i have a hard time seeing a path forward here. stephanie: we will have more with steve rattner: when we return. jamie dimon is now a billionaire and we talk to you about how he

did it. ♪

♪

stephanie: look at that beautiful shot. hello, london, looking sunnier then new york. we are here in new york city and talking to the very well known -- to a very well-known new yorker. jamie dimon is officially a billionaire. it has made him $1.1 billion. few bank managers at tonight that much wealth. how did he do it? matt miller is here. matt? he did not win it in vegas. matt: what is really great and unique about this story is that you never see bank ceos becoming

billionaires. you see the founders of hedge funds and private equity firms. do mccain had to dollars and lost it -- ceo founders. if you went through the bloomberg leaners index and try to check off ceos were not founders, you would not find many. he went in there, everyone knows the story the building of citigroup and leaving for bank one and going for jpmorgan. davey morgan is up hundred 10% with dividends since he became the ceo. erik: i want to go back to steve

with this question. people's eyes would fall out of their heads if they saw a lawyer or a doctor or in accountant an-- in accountant -- an accountant. once upon a time, people thought about corporate managers in the same way they thought about other professionals. they don't anymore. stephanie: what is a corporate manager? erik: a ceo. steve rattner: i think ceo pay has gotten out of control, there is no question about that. i do think that jamie is a little bit of an exception. he is a little bit of a founder. i think he does get some credit. if you look at some of the ceos of goldman sachs, if they are

not billionaires, they are pretty close. he is not completely alone. matt: lloyd blankfein if he is not a billionaire -- stephanie: he did not have to pay taxes. don't cry for me argentina. steve rattner: when you sell the stock -- stephanie: it is better than zero. erik: a lot of this, the source of his wealth is largely stock. it goes back to the argument made in 1976. my mic is -- stephanie: erik has a bad

microphone, so i'm going to mind meld. erik: i'm still astounded that you have to incentivize these people to do the job they get paid for. steve rattner: the people down the ranks at goldman sachs, they have a lot of stocks, a lot of equity linked types of compensation. i think that is good area did that is what you want. stephanie: you think that they should -- incentive pay keeps people fired up. it is the opposite of -- erik: it also breeds some of the worst behavior we have seen, not just in financial services, but elsewhere. stephanie: as soon as people sign a contract and know what they are going to be paid for the next few years, they can sit back and say, i know what i am

getting december 31. if there is incentive pay, your racing around the track. steve rattner: i think stephanie gets incentive pay. matt: the shareholders, we all own these companies through our borough one kay's anyway, so you need to incentivize them -- 401(k)s anyway, so you need to incentivize them. erik: thank you very much. stephanie: he is going to work on getting an incentive package. erik: the list of republicans seeking the party's presidential nomination keeps getting longer and. next up could be louisiana governor bobby jindal. he is making a major announcement about the 2016 campaign on june 24. if he is not joining

the race, i do not know what he is going to do. he has aggressively courted evangelical and tea party voters. i bad day for amtrak on tuesday. joining the race, i do not know what he is going to do. the ceo took response ability for last month fatal drill meant in philadelphia. it was the mother of close calls. an amtrak train sliced a car in half as it raced through a crossing in jacksonville florida. a woman sitting in the backseat was ejected from the vehicle. the accident miraculously only caused minor injuries. stephanie: those are extraordinary. when we come back, we are going to talk about the movie "entourage." critics say they do not like it, i loved it.

♪

♪ erik: coming up, carlos ghosn will be with matt miller to talk about the release of nissan's new maxima and what is ahead for the company. julie hyman has three stocks on the loop. julie: one is going down very sharply and trading at an all-time low. $16, that after the company cut its earnings forecast. the ceo said it was reduced sales that led to lower revenues. they also said that they are not attracting enough new customers to the brand. also looking at groupon. the cfo is going to be stepping down, they haven't appointed a n interim cfo from

within the company. the folks at goldman say there is not going to be a quick profit covering at lids. and unappreciated risk at journeys. stephanie: vinnie chase and the boys are back on the big screen. i sat down with adrian grenier: to find out why it was so important to make the film. adrian grenier: it was a fun exciting ride with the boys. at the end of the day it is about friendship and loyalty and really surviving all the indulgences. in relies there are

consequences. in this movie, there are none. the way that vince and the boys managed to get out of every situation is by maintaining their loyalty to each other. stephanie: there is actually a moral message in the story. do you think people who do not understand the entourage brand know that? adrian grenier: i think it is something that they understand inherently. it is not an intellectual thing. people tune in because of all of the toys and lifestyle and girls. and yet, they keep coming back and i don't think it's because of those superficial reasons. i think they come back for the heart. adrian grenier: how did you get all of these superstars? i don't know how you coordinated schedules? adrian grenier: it had to be spontaneous. i do not think it would have been possible with distinctly to

do it for anybody's schedule. doug would call someone up and have them come to the set and show up. i know the story of mike tyson. it slipped doug's mind. within an hour, he was on the set. stephanie: it seems like mark cuban is dying to be part of this. how do you end up with him in this? are there people who just want to be part of this? adrian grenier: when we first started the show the first episode, we couldd not get anyone to say yes. the celebrity cameos were reduced to mark wahlberg and ali. we pulled in a couple of favors but now, after 10 years of the show and a movie, people lined up. it is literally a cattle call of cameos. stephanie: for you and the team

is it a hard decision of what to put in? you're coming across as pacemakers. adrian grenier: whatever is aspirational and cutting edge and cool. doug has a knack of not only putting in what is relevant now, he also has a bit of a pace maker and predicts a lot. he creates fantasy show ideas or movie ideas that end up becoming real movies like "aquaman" or the " great gatsby." stephanie: does that mean there are more projects for you and doug in the future? adrian grenier: it is a matter of whether there are people coming out to see the movie. they can decide if they like it. if they like it, we will keep

doing it. we did this movie for the fans and for new fans, people who never had an opportunity to see it on hbo. stephanie: when you saw the final products, was it what she wanted it to be? adrian grenier: it was more. the series, while it was meant for television, always lend itself for the big screen. stephanie: do you have a favorite element? adrian grenier: there is one moment, a pivotal moment toward the end, where you are having the best time ever and all of a sudden, it is this emotional beat where all these guys really demonstrate their love for each other. stephanie: there you have it. i saw the movie. i am going to say, i loved it. i enjoyed it. i appreciated it. i'm not saying it is "lawrence of arabia" or "schindler's

list." erik: what surprised me is how badly this movie is getting panned. stephanie: i do not think that it is a movie that is going to live or die by critics. people want to see this movie who watched the show. it is hot girls and boys, it is fast cars. lots of parties could be better, but i thought this was a pretty good one. erik: we will be back and i will see you after this next break. ♪

♪ host: good morning. host: you are watching bloomberg market day. host: carlos ghosn is here.

erik: we will talk about what all of that means for the united states. host: and a billionaire, jamie dimon has officially entered the exclusive three comama club. ♪ olivia: good morning. erik: breaking economic news. the isn nonmanufacturing index. julie: we have seen more strength in the services sector.