is behind the move for twitter and the shakeup as the ceo stepped down. move and obama prepares to forward on the trade agenda, and the house will move forward on a vote in the sour. betty: -- this hour. goldman dives into high-speed trading. ♪ pimm: good afternoon, i am pimm fox. betty: and i am betty liu. let's take a look at how the markets are trading here at midday. equity is taking quite a dive. the dow jones average is off and there is some pessimism about greece and the debt talks. they don't seem to be edging.

that is putting a damper on the markets. we are the oil markets, also seeing some a sharp declines, particularly on concerns that opec is continuing to put that out pet -- output on oil on the markets. that is depressing the markets. the: let's take a look at bond markets, the treasuries as well. a little change on the 30 year and the 10 year yields. let's look at the treasury and see how the dollar is performing against the euro, there it is, the dollar is losing a little bit of strength. the dollar is steady against the yen and the pound sterling is again he just a little bit. let's go to some top stories at this hour. president obama is doing last-minute lobbying on the trade will. right now, the president went to capitol hill to convince reluctant them across to vote

for the measure which would give him a fast-track authority to negotiate the trade agreement. and this may be a steve jobs a steve jobs moment for jack dorsey. twitter announced yesterday that the ceo is leaving and will be replaced on an interim basis by jack dorsey. jack dorsey was one of twitter's cofounders and was pushed out in 2008 just as the jobs returned -- just as jobs returned to apple after he had been forced out. and we spoke to saudi alawaleedre prince about twitter. aleed: we need this, we need this for the market because twitter would be

integrating and they should go under the same theme and move into [indiscernible] pimm: he also said the new twitter will be a force to be reckoned with. greece's prime minister alexis tsipras is saying the finances is pushing his country to the brink. international monetary fund team at negotiating with greece left after failing to reach an agreement, and germany's chancellor angela merkel says there is still hope. still, they say there is still hope that greece will he willing to implement the imposed forms -- imposed requirements. betty: confidence increased more than expected this month to read it can't miss site a stronger job market for that greater consumer, i did. inflation at the wholesale level jumped last month, and you can

blame fuel prices. the cost of energy raised nearly 6%, the a guest increase in nearly five years. the consumer price index was up .5%. and that hack attack on federal personnel records was a lot worse than we all thought. bloomberg news is reporting that hackers may have stolen data on as many as 14 million people. that is more than triple the report last week. the u.s. has blamed chinese hackers. the u.s. is considering a number of responses, and one might be to target the data in the hackers' servers. and a new report from zillow shows there is still some weak points in the market. 15% of u.s. homeowners have underwater mortgages, which means that they own more on their mortgage than their house is worse. zillow says that a healthy market would have no more than 2% of homeowners at and under market -- underwater rate.

and a defiant jack warner says he is looking forward to the legal batters -- legal battles regarding fee for scandal. he is accused of taking $10 million to convince south africa to host the 2011 world cup. he has denied any wrongdoing's. those are your top stories at noon. coming up in the next half hour, president obama makes a final appeal to democrats to support the housebill as prepares to vote this hour. and this headline just crossing, house speaker john boehner saying "the best idea is to vote yes on trade bills." pimm: we will have to see how that vote turns out in the house. and charlie ergen spoke exclusively with my coanchor betty liu about the possibility of a merger with t-mobile. betty: and florida's c-1 bank went public one year ago.

he will talk about the first openly gay tank achieve executive -- bank chief executive. he used to be a morgan stanley. pimm: let's return to this shocking news out of san francisco. yesterday, chief executive at dick costolo at twitter is out and jack dorsey is back. twitter is looking for a permanent chief executive that can pull twitter out of what amounts to a identity crisis -- an identity crisis. betty: and we spoke with the founder and ceo of chief holdings, and scott, you say a 70 percent chance that dorsey will remain the ceo of twitter. where do you get that? scott: i make it up. [laughter] one reason is because twitter is more interesting and square, which is what his j. --

his day job is. knowsa product guy and he twitter at its core, he didn't say he didn't want it, the interim of thing doesn't make a lot of sense because it creates, so toopinion, volatility, make the transition to jack and then make the transition again would be disruptive. the less they met with her is more disruption. they have six elevator speeches and they need to figure out the one that they should use. i think i know the one that they should use. julie: -- betty: what is it? that you should use twitter to communicate with your friends and family, and obviously vine and periscope are part of that, but for whatever reason, they have complicated usage of twitter

overtime. it is a broadcast medium, but they don't say that and they use five or six different ways to talk about themselves. pimm: what could jack dorsey do dick costello -- costello -- costolo couldn't do? he will help them get money, revenue was not going up, they were not maintaining users, there were problems. jack is a guy and is one of the founders who can say, look, we are going to go here. everyone will rally with him, , whommore, and dick everyone loves, everyone cheered, and it is hard not to love him, but i am concerned that if we keep the same strategy, then that is a bad thing. betty: it is interesting because we saw the flood of tweets after this announcement was made. many of his friends said that dick costolo increased market

cap by 24 times, what other seo can boast that kind of record? it is all over the world, but my biggest disappointment with them is that in the old days, i was hoping that's howard lindell was going to -- that going tondell was join, and i asked howard, why don't you? and he said that he wished that tweeze were everywhere, but they weren't everywhere before. i think that is one of the many strategies that twitter should employ. betty: interesting, i don't know pimm if you got to see some of the funny tweet that came out of the twitter sphere about -- about dickre costolo, but snoop dogg came out, "i am ready to leave, snoop dogg were ceo."

mark andreessen said "i could run twitter as ceo entirely by my twitter account. -- i amor a friend asking for a friend." it is all very funny stuff. scott: and one of his friends an app called media which is very long tweets. thing about twitter is that it has 140 characters and it sets us up for problems, but that is a good thing. betty: may be the problem with twitter -- may the problem with twitter is that a cost dick costolo his job, but he is not the only one who has benefit from this. twitter is a great communication platform. it is a great way to say

something and it is a good lesson for everybody. when you have to boil everything down to a 140 characters, you really can. pimm: did you buy public stocks? stocksi don't buy public by any chance if i hear something around a lunchroom in the valley. i think the buyers have this problem and if it is google, the regulators are going to look at it for a year, and then in the indecision, you lose that and the google decision won't go through, then you have a problem. but i think it is one of the fundamental social platforms. there are others, snapchat has it and facebook is the granddaddy, but there is room for more than one and twitter is special and i think with the visionary leadership who everyone listens to. i also get nervous because of that, and there are a bunch of guys were there who are on the ward. so you are going to have three

former ceos on the board. that is crazy. anyone who should take the job should say, you can't be here, because i agreed to suggest something and you know one of them is going to say that we tried that. times change. i worry about too much of that. betty: scott, hang on, because we are going to have much more on twitter. shallked and you receive, we are going to get howard lindell on the phone. he will be joining us in a moment, when we come back. ♪

pimm: welcome back to the

"bloomberg market day." i am pimm fox here with betty liu. --also have scott for digg scott's who is talking about twitter and the resignation or the ouster of dick costolo and dorsey isce of jack the interim chief executive officer. howard, what you make of this? but thei am surprise, market neither seems to love or hate it. wall street seems to have wanted a change, but this does not seem to be the change that people were expecting or wanting. betty: i think some people expected him to step down. there is no doubt that that was not a last -- that that was a last-minute decision. i think the key is, maybe if had saiddick

something, the stock would be over $40 today. pimm: what do you mean open to anything? open to a sale? howard: sure. someone shows up, we will of course entertain it. so that is surprising that the stock is flat. they have to execute around growth. growth companies get valued at higher prices that -- then non-growth companies. you look at active users and a very vertical level of twitter sees the same problem. it is very wonky and a lot of smart people are using the product. betty: you leveraged the twitter platform. describe for those of us who are -- and we can ask you that question, if i may, of how you started it? if you remember the question --

four or five years ago, why can you build stock on twitter? i was looking -- .orking at cbs at the time --was a lot of money [laughter] i can't remember what i ate today. i called fred wilson and he is sort of my last guy, and he thought it was a genius. he started using the $ and fred. it was genius, and i kind of got suckered into starting another company, but i really build it for twitter or for a brokerage to buy. we build off of platforms, so and we pulled out all of the people just focused on talking about the stocks all day. betty: so people who use the

dollar sign or that symbol, they get strength from the? howard: eventually enough people were over there that that we -- that we stopped pulling people -- pimm: what is an example just so we understand? howard: sorry? pimm: about twitter, in terms of service? howard: you could use the bird in the right way and he would just wreck our flow. you have 90% of messages, some 100,000 over a day are just on others and not on twitter. so that is the mistake on twitter, they let people suck the life out of the river. i look at twitter as a river, you are the nile river and eventually you become polluted if you don't curate and keep it clean. that's what twitter is. it is genius, but -- betty: so that's what you are

saying, you were sucking the data out of them. put termst then they of use on all of their ecosystem, and they should've gone alike linked in a did at some point and say, screw it, we are going to build our own ecosystem. so our user gets to put stuff into the distribution. so if you are a financial person, you can say here is a blog that sits on the very top of the financial ecosystem. if you want to share it on twitter, go ahead. if you want to share it to goomberg, yahoo! finance, ahead, but you should share it with all of these other places. thatis a lot of work twitter forced stockwits to do. scott: to me, it is emblematic of the problem. in twitter's case, they shouldn't have closed down. wise,rd -- howard: timing

it was also bad. twitter is also running a vertical outside of twitter, and if you think of all of the twitter verticals running inside of twitter, you have to consider that. twitter should say, you know what? i am going to go back to that platform. the tweet is something that is special. i assume they should have actually gone after you with the twit.stock i guess they should. [laughter] therd: no they shouldn't, play on the word twit is based on the british word. so muchoward, thank you for joining us, and scott, thank you as well.

onto the trade fight on the hill. president obama met with house democrats this morning in a for support.fort we hear the john boehner is saying, vote yes. unlikely ally for president obama, but trying to win support for the trade agreement. you mentioned the surprise visit from the president up your on capitol hill behind closed doors. he made a direct appeal, an emotional appeal, according to some of the lawmakers in the room, but the sense that i am getting is that he is not swaying enough democrats. we will know shortly on the floor of the house, and it could be republicans who can provide the margin of for the president today. right now, this is a dicey vote for the president. on this issue, president obama par support is john boehner. speaker boehner: when we lead,

the world is safer. lead, we are allowing and frankly essentially inviting china to go on to setting the rules of the world economy. what that does is keep our workers and our products on the sidelines. thismocrats insist that trade legislation will leave american workers behind. president obama is trying to given some otherwise. we will know starting at about 12:40 when that will indeed happen. the first vote will began and there will be a series of votes after that, and if the first one goes down, then the president's restaurant bill will also go down. important and this is why there is so much riding on this for the president. tom: i know you are going track that for us. that is bloomberg's peter cook

from washington. we have more of the "bloomberg market day" ahead. ♪

this is the "bloomberg market day." i am betty liu here with pimm fox. pimm: indeed. let's go to olivia sterns. olivia? tovia: yes, we are going soon go to the awesome interview with charlie ergen regarding the t-mobile merger with dish. charlie ergen thinks that t-mobile still could he a logical partner for charlie ergen and dish network's upstart he wille, so perhaps takeover speculation. right now it dish network is looking over the idea of taking over a merger, so it can

stockpile some of its licenses to work for them. --toration hardware stair hardware shares are up in trading, this is after restoration hardware boosted outlook and beat analyst estimates. their top sales are up a whopping 15%. restoration hardware also saying create rolloutto of a new line. back to you. pimm: i just wonder if you could lift that restoration hardware catalog that is at your door. it is heavier than a book. i will leave it there. betty: we will be right back with our interview with charlie ergen. ♪

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you can even check your connection status on your phone. now it's easier than ever to manage your account. get started at xfinity.com/myaccount betty: welcome back to the bloomberg market day. the obama administration may

increase the u.s. military presence in iraq to fight islamic state. aat could involve building network of bases and adding hundreds of troops to help the iraqi military. earlier this week, the administration said it would open up a new base and send 450 troops to train iraqi forces. the ceo of dish charlie ergen speaks out. who better to tell the true story of the satellite-tv company returned as ceo this year. i sat down with him for an exclusive interview and asked him about what was going on with a possible merger with t-mobile. >> there is certainly a lot of positives to that. are willing participants. they have certainly done a fantastic job being the upstart er, so tothe un-carri speak. they have captured the attention of the public in terms of attacking the pain points we have in the wireless industry.

their network is similar to our spectrum position. obviously, their growth rate, they will need more spectrum. those things make sense. have much more from that exclusive interview in the next hour of bloomberg market day. asidemotors is setting 300 62 $3 million to fund a growing recall of to cut airbags. cosmonautker says the affect the company dividends or earnings forecast. so far the problem has caused six debts and 105 injuries worldwide. honda is takata's largest customer. life today, back to at least in theaters. it is the debut of "jurassic world." the movie is getting the widest release ever for universal studios and ticket sales are expected to top $125 million or the weekend. when i say bank executive, you likely picture -- i hate to say

it -- a white male above the age of 55. however, executives at c1 financial want you to rethink that. it is a start up the bank started in florida. servingus on entrepreneurs and their families and in particular its leadership does not look like a typical bank management. trevor, it is great to see you here today. i do not want to say that this is all you, because you are the ceo of a bank. we need to talk about your business. first off, you are the first openly bay -- gay bank executive. your chairman and ceo are women. your cfo is 37. you have a really diverse group

here. -- why does it seem so cookie-cutter on wall street but you have been able to find different people in your management? to thes really open possibility that if i could draw from 100% of the population, women, people of color, gays and lesbians, maybe i could transform a pretty sleepy industry, which is community banking, and we have done that. betty: how have you transformed community banking? andor: i looked at florida it has tons of problems in the financial crisis. i said if we could buy when everyone else is running for the door, maybe we could create something special by focusing on the great business market that is florida. ands more than tourism sunshine. there are tremendous businesses that we could serve. -- banking by entrepreneurs for yours. helping that business owner with

speed and certainty. if we can do something in three weeks that takes other banks three months, we will win in the marketplace. betty: why would anyone want to invest in a regular -- community bank these days? issues, the regulation you have mergers and consolidations, interest rate issues, it is a tougher environment to operate as a community bank. sometimes regulation can be helpful. there have been no new banks formed in the u.s. -- maybe one on the horizon -- in the past seven years. we have gone from 15,000 banks to 6700 today. this consolidation is allowing banks like mine to grow rapidly between 2009 and 2014, we were the sixth fastest-growing bank in the u.s. betty: you had your ipo last year in august. the stock is up from your ipo price but lower than your opening price -- but you are

lower from your opening price for a little while this year which reflects investor uncertainty about your operating environment. trevor: that's right. there were a lot of questions coming out of the recession in florida. now i think those questions have been answered and we are on a path to growth. betty: you were at morgan stanley how long? trevor: about 10 years, rising from junior director to -- junior associate to managing director. betty: were you openly gay the whole time? trevor: i was. i had a great experience there. i loved serving my clients. i got to do a lot of interesting ipos. i found it if i worked really hard and did a first-class job for my clients, and i was comfortable with who i was as a person, we could get great things done. betty: did you find you have to work harder than others because of your different sexual orientation? trevor: i think so, to be

honest. i think i needed to prove myself. to myself and to my colleagues, that i could succeed. by working harder and being more successful, i was able to show them what a gay guy could do. betty: what do you think of tim cook, who famously came out in our own publication of ?bloomberg businessweek" what did you think about him waiting this long? trevor: i have been lucky to be out since 18 years old. even have different journeys and i respect his journey. by being such a leader now, he will have the ability to change tremendous numbers of hearts and minds across the country and the world. so i'm very thankful for what he is doing and how he is speaking out today. betty: did you notice any marked change in attitude, even subtly,

after he came out in the corporate world? ,revor: i was quoted in saying if tim cook can be openly gay, than any ceo of any company in the world can. think that kind of leadership is disarming and create great opportunities, not only for gays and lesbians, but women and people of color, to rise through the ranks. betty: you are a young man yourself, the ceo of a public bank. how do you think being more open about this and your story, affect the people working around you? trevor: number one, it allows me to attract interesting people to come work for me. women, people of color, gays and lesbians, who are excited about working for somebody who will value what you bring to the table, not one country club you belong to or what school you went to, or that they are a white man that is 55.

betty: do you find you were more sensitive or aware of people who were like that, who may be did , if theyto that level were in a -- i don't want to say traditional environment and you know what i'm try to say. if they were in a bank where the cookie-cutter stereotype seem to be the one that moves ahead, that you come in fact, are more sensitive in the fact that there is some hidden talent here. trevor: many times the talent is not so hidden. my chief operating officer was just elected to be chairwoman of the florida bankers association. she has tremendous talent. i was just able to recognize that and put her in the right position to create great value for my clients and my shareholders. betty: trevor, thank you so much for stopping by. great to see you. trevor burgess, president and ceo of c1 financial.

coming up, we will look at why goldman sachs is diving back into the high-speed trading market. and we just mentioned, "jurassic world" roars into theaters this weekend. why dozens of companies could profit from its success. and more of my exclusive interview with dish ceo charlie ergen. i ask him about the culture at dish and his own unique personal management style. ♪

betty: welcome back to the bloomberg market day. now i look at how the european markets have closed. here is mark barton from london. mark: not a single western

european stock market finished the friday session higher. where is the green? there isn't any. the concern is greece will not be able to stave off a default. the benchmark in athens on thursday rose by 1%. friday, down by 6%. these were the three big gainers across europe on thursday. look what they did on friday. national bank of greece, down 11%. brett and depth of the decline is perfectly evident in this chart. all three industry groups on the stoxx 600 finishing lower, led by oil and gas, basic materials, health care. what a 24 hours it has been. angela merkel urging sippers to set a framework for financial pras to set a

framework for financial aid. throw into the mix the imf , adding out of brussels up to a recipe for uncertainty in european asset markets. there is the stock 600. at one stage, heading for its sincelosing stretch october. a small gain over the week. it is all about greece, that to you. stock one chinese tech has surged 4200% over the last 55 trading days. the rally has something to do with it but it is also emblematic of the way chinese firms are choosing to list in shanghai rather than here in new york. david ingles has the story. this rallynow about across the chinese sector, including tech. it is spurred more of chinese own tech companies to look inward, investing in their own

markets. companies listing elsewhere looking to take offers for them to be taken private. the rationale is about fetching higher valuations which right now is at a median of 90 times forecast earnings. so it's a good time to do this but that window is getting more narrow by the day. betty: now let's get back to the u.s. with olivia sterns to the big stories on the market day. we seem to be continuing to fall. olivia: a similar story here in the u.s. as what is happening in europe, concerns there is no progress in these great talks which is rattling investor sentiment here in the u.s. also seeing energy shares take the biggest hit as oil prices continue to fall. overall, equity markets are paring their games for the week. in fact, erasing those weekly gains right now. up the year, the dow is only

1%. let me show you what is happening on the backs --vix. the story has been where is the volatility in the market? sudden, the s&p 500 is trading in the tightest raonic the mid-1990's. arey, a lot of vix traders expecting volatility to go up. we have not had a decline in the s&p 500 for nearly three years. now let me show you what is happening to oil. prices today are falling for a second day after opec yesterday said they see outputs swelling, that member countries are continuing to pump oil and record levels. this week, we learn from bp that the u.s. had usurped saudi arabia as the world biggest energy producer. right now, crude trading down by 1.3%. int texas at $60 a barrel new york. betty: thank you. now some top stories crossing

our terminal this afternoon. fedex is taking a $2.2 million pretax charge because of changes to its pension plan. the company is adopting mark to market accounting for its defined-benefit pensions and other retirement plans. is causing them to cut their expected rate of return on investments. let each relative rules take effect today after the failure of a last-ditch legal bid. a court denied a request by the telecom industry to put the rules on hold, which means the fcc will oversee broadband providers the same way it would oversee phone service to prevent carriers from blocking or slowing down some traffic. isnce's data privacy agency telling google it has to lose to remove search results worldwide when requested. europe's highest court ruled people have the right to control what appears when her name is searched online. not all requests are granted. public figures cannot erase a scandalous episode while criminal conditions --

convictions may stay in place. goldman sachs was called for reform of high-speed top trading. now it wants to get back into the game. has been hiring executives and investing in software trading infrastructure back in 2014. gary cohen called for reforms in the high-speed market. so is the bank trying to level the playing field for its clients? with me to discuss this is the reporter that broke the story for us, michael moore, and my cohost for the next hour, mark crumpton. it seems like an about-face by goldman sachs. michael: they would make the case that you could have both. certainly, they were trying to get ahead of some of the things surrounding dark pools. last year calling for market reforms. not much has changed over the they are and so

falling behind some of their competitors and want to revamp some of their technology and get back into the game. mark: you mention they are falling behind their competitors. goldman is now playing catchup. the technicolor school advances, will they allow goldman to level the playing field? michael: there are two ways of looking at it. in terms of the overall market, theing their clients to market as fast as possible, having the best execution. and then leveling the playing field with their competitors. goldman is the top equity trading bank by revenue, at least last quarter. they fight it out with morgan stanley quarter to quarter. they are the top two by far. area, goldman has slipped behind and want to get back to number one. betty: who are they recruiting, are they hiring outside?

they hired a managing director from morgan stanley who is joined the firm later this year. we heard there are more hires in the pipeline. ,hey are out there looking for especially on the tech side. mentioned gary cohn and the op-ed in "the wall street journal" last spring. he said the market structure needed improvement because risks amplified bywords, the speed and execution of trading. is this a question of improvements made to goldman's satisfaction, or a question of clients demanding goldman get back in the game? michael: i think it is both. goldman has a lot of quant fund clients. clients of the brokerage, other parts of the bank, and goldman is saying we need to have the top of class technology to service these funds, and this

business as well. there has been some demand from clients. like it or not, this is how the market is structured, and we need to be able to execute. betty: another issue that affects banks is protecting their data. that is a topic that i know you will be talking about in the next hour. mark: the american federation of government employees say the cyber theft of information that we heard about the other day -- they say it affected every federal employee, personnel, data, social security numbers from 4 million current and former federal workers. that is a staggering amount of people. i will discuss this cyber attack with john prisco, the ceo of triumphant, who makes software to help government entities protect themselves from cyber attacks. there is some very disturbing news. betty: it gets more and more disturbing. i almost expect now -- knock on

wood -- that my data will be breached. mark: that government workers union said yesterday that they do not believe any of these social security numbers were encrypted, and if that's true, that is unbelievable. incredible and scary. see you in the next hour. michael moore, thank you. much more ahead on the bloomberg market day. dinosaurs by the numbers. "jurassic world." the fourth film in a franchise has arrived, but if you can't remember what happened in the first film, here is a refresher. dinosaurs are cool jurassic park is the best ♪ ♪

betty: welcome back to the bloomberg market day. "jurassic world" is ready to take over the box office. the movie is expected to take in $125 million this weekend all because we all love dinosaurs. how much do we love them? the numbers behind the jurassic franchise. >> 1993, russia alex force yeltsin president. david letterman lose to cbs. steven spielberg wows audiences with dinosaurs in "jurassic park." based on the book by michael creighton, it had three things going for it.

dinosaurs, dinosaurs, and dinosaurs. the creatures remained a favorite for adults and kids and their history with will be pictures goes all the way back to 1913. although box office sales back then were sketchy, estimates were that "king kong" made $2 million. "jurassic park" arrived in theaters in 1993 and shattered the box office records with $93 million. for its 20th anniversary, universal studios re-released the film, adding even more money. after that, the film grossed more than $1 billion worldwide. with their success, sequels were always expected. the second movie did ok but still made bank. both added $170 million to the

franchise. now after a decade of development hell, "jurassic world" finally arrived. so far the reaction is next. indiana jonest movie was any indication, it will still make movie. betty: "jurassic world" they allow them to leave the box warner andr trailing his knee. one of america's top ceos opens up. more from charlie ergen. ♪

10:00 in san francisco, 1:00 in new york and 1:00 in hong kong. this is the bloomberg

market day. president obama traveled to capitol hill to make a final plea for history agenda. of my exclusive interview with dish ceo charlie ergen. what he says about the future of the satellite television company. attack against the u.s. office of personnel management may be worse than previously thought. we will speak to an expert about how governments and companies can protect themselves. betty: good afternoon, i'm betty liu. mark: i'm mark crumpton. nice interview with former president clinton the other day. betty: thank you. you are never nice to me. what did you drink today? mark: so wrong.