to their advantage? samesa: the issues the across all different industries. it is about empowering your employees and empowering teams. get notion of being able to a problem, you have a problem in your organization or problem in your product lineup, put yourself in the user state, or your customer state and say, to solvehe best way this problem? it is about how you unleash creativity, design creativity, engineering creativity, technical creativity. the question to ask each day is how can i best empower my employees to be really in creative best to be really creative in the way they look at these problems and solve them. stephanie: as look at the technology landscape, you talked about mavens, what is the next big thing, the area that you feel most excited about? it may not necessarily be in your portfolio now, but you

think is going to take off? that ai isthink amazing. stephanie: we knew that you would say that. marissa: five years ago i got asked that question and i think recognitionvisual and went with recognition was going to come a long way and translation would come a long way. each of them will have a breakthrough in the next 10 years. when i look at the visual recognition that flickr is doing, is amazing. fromof the translation linguist language has gotten really good. thatnk being able to use artificial intelligence to help people, let the technology get less in the way and achieve more of what they want to do. the technology is less visible

and what they cannot come bush is where the opportunities are. --and they cannot if software has not been a big disruption to date, you can predict it will be. stephanie: we'll talk about the future of work and artificial intelligence later in the program. you have keyed us up for a fascinating day. marissa mayer, thank you so much. dallas marissa mayer -- that was marissa mayer at the bloomberg technology conference. welcome back. now is coryg us johnson from the bloomberg tech conference.

what was your take away? cory: some of the comments about that tax investments is important. are goingid that we to take our little business, yahoo! small business, appropriately named, and strap it on to the giant asset that are our alibaba shares and spin it off into a different company and pretend it is an operating business so it has no tax in --vocations implementations. in d.c., they said that spinoffs concern us and we're going to take a closer look at this going forward. what i heard mircette myers say they are mayer say, not doing it because of us, the irs is not trying to change the law.

the irs does not make laws. those are somewhat comforting words, they rang hollow to me. there is a nonzero chance that the irs will have a negative conclusion about the spinoff. it fairly pointed out they had been at this for a long time. stephanie was very clever to ask what does this mean for the japan assets. this justin that one could have some hair on it going forward. betty: stay with me. again,to bring in jay author of the new book "disrupt you. " one thing you will i were discussing, yahoo! has this issue of who are they exactly, why does anybody go on yahoo! instead of yahoo! -- aol or google? inventory,a has no

google creates no content. these are pure technology companies. yahoo! is a content company and content companies are hits driven. you have to have content that draws people back. it is not always empirical. at the end of the day, it is about content. betty: what the mean they do not have content? jay: facebook does not make its own content, consumers do. all of things that you search on google is not google information. marissa mayer says it is about empowering employees and unleashing fatality. how difficult is that? -- unleashing creativity. how difficult is that?

get a larger company, you have the same problems that kodak has. ofnge can have a problem generals fighting the last war. mark: cory johnson who is at the conference wanted to jump in without question. take issue with yahoo! creating its own content. the most successful parts are the homepage, it is an al-maliki -- an amalgamation. yahoo! sports, a lot of that his scores, they do not create that. a lot of it is stock charts and prices, things that are

formatted and not created. that is the issue. the technology that automates content, gathering mail or showing you stock prices, and pure content. people to comes is the unique voice, that you know that you have a yahoo! experience. that is what drives people and allows them to monetize all of those other forms of technology. marissa, was there anything else that struck you about what marissa said about the next big thing for yahoo!? it seems like every tech ceo these days says artificial intelligence, because it is cool to say that and it is far enough out that you can say it. what is the next big thing for yahoo!? you have to give her

credit. she is very smart and is in a very competitive space. the next big thing, she will announce when she is ready. the internet of things, people connecting more devices, that is a huge opportunity. betty: how, in what way? will know the date of how your massive audience is engaging with their environment and you can monetize that better with advertising products. mark: she also mentioned that technology should be less visible to people. how do you do that? isn't it already and obtrusive thing? jay: i think it is the opposite. wearables, we live on our phone, it is our teddy bear. we live in endless animation but most of us are not technologists and be a comfortable with that. you will be comfortable with a -- economist -- autonomous

cars. betty: there is no privacy anymore. jay. you so much, you,"thor of "disrupt which is just out. thank you to cory johnson, at the conference all day. mark, let's take a look at the market. days of losses, stocks in the u.s. are on the rise today. consumer staples weaving the day. s&p 500 up really half a percent, dow jones industrial, 103 point rise. 5052. is up, gold prices, they are falling today ahead of two key meetings,

a policy at the from the reserve and the all important gathering of euro area finance ministers to discuss the greek debt crisis on thursday. gold down half a percent. nymex crude, it is higher, up over half a percent --ding at $89.83 a barrel barrel.a betty: in the current markets, affected by what is going on in greek, the dollar is strengthening. jay, a wealth of information, a pleasure to have him. employees at

renaissance technologies may soon get a tax-free stake in one of the worlds top-performing funds. betty: and eu leaders are planning a summit. from the football field to the banking goes, how one former player builds of mortgage business in just a few years. betty: top stories, in athens, alexis tsipras lasting creditors for his country's problem. stranglede tactics greece and he accused the imf of criminal actions. he said that he will not make any actions to end the bailout impasse. speaking in the interview, tree

ichet said it is up to the to decidecracies whether or not they want to stay. hask: the european union given mario draghi and another tool to use in case of crisis. when they go too far unveiled a bond buying program in 2012. it happened right after he declared it would -- declared he would do whatever it takes to save the euro. the largest shareholder of mgm resorts has died. chryslerto take over unsuccessfully. he was 98 years old.

there are 19 the kitchen ownership resorts and the properties. listed company will be under the ticker vse. betty: still ahead, sheldon adelson has not officially endorsed a candidate, but he is dropping hints. ♪

betty: how many republican candidates does it take to change a lightbulb? count. have lost mr. trump made his announcement today and you are getting the sense that the democrats are looking their chops. the more the merrier. they tend to keep their own, it becomes a circular firing squad. betty: it does indeed. hillary is there with b ernie. ok. mark: julie is joining us with an update.

julie: i am looking at technology. i wanted to look at the big movers. twitter is one of them. we heard from dick costolo. it was downgraded to a neutral. they are below where they were from before the ceo departure was announced. we saw them paring their gains on friday after that was announced. the analysts at m km said there is not going to be a positive catalyst and the core issue is still cumbersome user experience. they said they would change their view if they saw meaningful user growth. a three-day losing streak, needham raising the price target to $785 from $600, saying the charter and other providers offering netflix as part of their package should be positive and that international subscribers have up to three times faster profit expectation

according to needham. i want to take a look at adobe and shutter stock. shares are down nearly 7% and adobe up one and a third of 1%. take a look at my bloomberg terminal. ernie estimates in red, stock price in white. you want to look at the most recent period. we have seen the pickup to some degree. this is earnings per share. has been trying to migrate a lot of its customers to the cloud. last quarter, the subscriber growth missed what analysts have been anticipating. we will see how it does this time. there are some commentary that may be did not have to offer as many discounts and rebates to customers to get them to move to the cloud. everybody wants to get to the cloud. betty: it is the next big thing,

or the big thing right now. thank you, julie. donald trump is the 12th, there you go 12, 12 candidate for the republican nomination. the first primary and caucus is more than seven months away. it is all about building buzz and your campaign account. mark: that leaves us to sheldon adelson. mum about his choice, but that newspaper he publishes seems to lean in favor of marco rubio. betty: winning him would give rubio a definitive boost. is support allowed newt gingrich to stay in longer then he has. the republican hopefuls will go

to vegas. they called sheldon-fest every election cycle. wants to maken sure they have conservative principles and a strong support for the state of israel. his blessinghem and backing, it is not shocking how far they tend to go. you have to remember, he backed a losing candidate last time, mitt romney. for all his money, he was not able to pull off this victory. how much does it take, really, to back a winner? gives thesefest, it candidates foreign policy chops. mark: very much so. he is entrenched in israeli policy and a big backer

of benjamin netanyahu. mark: does he relish the role of kingmaker? betty: yes. there is no doubt. he will not say so publicly. he is the king of las vegas. interesting, sheldon has not spoken out on politics as of late. he is well aware of what happened in 2012. i don't think he wants to come at this moment backing any candidate publicly. mark: you get a sense of his influence. when prime minister benjamin netanyahu, mr. adelson and his wife were in the front row. betty: coming up, forget your company's vanilla 401k. what if you had a no fee, no tax crack at one of the top hedge funds? we have details. ♪

mark: welcome back to bloomberg market day. betty: it took four years and a lot of lawyers, but employees at renaissance technologies now have one of the sweetest perks you can ask for. mark: they are placed there for one case with roth 401(k)sreplaced their with ross i pa. what kind of maneuvering to they have to do to get employees in on this? >> it took four years. they got to exemptions they had to apply for because the fund is not public, it is not a publicly traded front. they created a plan that allows

them to invest in the italian medallion fund. it allows them to invest in a roth ira. mark: do other companies do this? margaret: there are other companies like fidelity investments that offer their own funds in their 401(k)s, but they are publicly traded mutual funds. this is different. up -- cany the chart you put the chart up? we talk about turbocharge, what is going on there? fund has medallion's never dipped below a 20% return, even through the market crisis in 2008 and 2009. betty: that is incredible. past performance is no indicator

of future performance, right? margaret: exactly. people i talked to say it is a risk year fund. that is why it is private. if people are over invested, people are at risk of losing money when they retire. mark: thank you. betty: i am signing off. tsiprasming up, alexis is pretty feisty. use the word criminal when talking about the imf. betty: this guy has a lot of adjectives. we are going to follow that when bloomberg market day continues in just a moment. ♪

mark: welcome back. let's get you straight to your top headlines at this hour. yahoo! ceo marissa mayer says

the company is proceeding with the alibaba spin off as proposed. shares moved higher on her comments. she spoke earlier at the bloomberg technology conference. marissa: we are going with our plan as proposed and it is based on a few things. to dates do not apply previously received requests for rulings and are ruling we filed well in advance of when these changes were communicated. the other thing that gives us confidence, it does not seem these proposed changes are proposing changing the applicable law. it is more about the processes around the transactions. mark: she says she wants to do more with the national football league. the nfl signed with yahoo! for the first stream of the --

an nfl game. is ok withstolo letting the next ceo make the changes they want to make. dick costolo: the ceo needs the leeway to do what they need to do. what everyone on the team feels is that we like the strategy that is in place and the team that is in place and until further notice, we will continue down that path. also praisedstolo the leadership of two people on his team who may be internal candidates for the job, adam bain and chief financial officer anthony noto. a new report says that since april, they started work on the most houses in seven years and permits for future projects climb to the highest level in

almost eight years. it is an indication that home-building is likely to pick even more. warning from the congressional budget office. a say that the u.s. government debt held by the public is expected to rise from 74% of the yearmy to 107% by the 2040. the problem is an aging population and rising health care costs. the cbo says further sustained increases in debt could hurt economic growth. president obama and house speaker john boehner are trying to salvage the president's trade agenda. house democrats torpedoed a key vote on trade last week. peter cook has the latest on the effort to get trade back on track. peter, speaker boehner, is he trying to buy time? that is right. the speaker is trying right now to extend the time period within which the house can consider the president's trade agenda once again after the disastrous vote last friday that

saw democrats abandoning their own president in droves in opposition to his fast-track trade authority. even as we speak, the house is casting a vote that would effectively delay, create a new deadline, for considering the until july.ll the speaker would like to move sooner than that. the white house has expressed the same desire. they do not see a roadmap to success if they move too quickly . votewould have been a today. democrats have not moved at all. we heard earlier from a group of house democrats insisting it is the president and house republicans who need to come their way. levin: we want to be not in the back seat. we want to be a partner with this administration and how

these issues are resolved, and at this point, it is not true and that is what basically has to change. peter: you get a sense of what the president is up against here. mark, even if efforts are trying to extend the period of time, even that vote is on shaky ground. we are watching what is happening on the house floor, it could be back to square one for the president and his trade agenda. mark: thank you. those are your top stories at this hour. coming up in the next half hour, warren buffett finds his latest investment in australia. you'll find out why berkshire hathaway is taking a stake in insurance australia. the ceo of cutter airways talks tough as the fight between gulf carriers and u.s. airliners escalates. we will look into who will win the battle for the open skies. and e3, one of the premier videogame conferences, is

underway. we will have interviews with some of the biggest names in gaming. greece is less than two weeks away from the end of its bailout money and prime minister alexis tsipras is not shy in placing blame, accusing the imf of criminal responsibility for his country's predicament. also accusing the ecb of suffocating the country. on the other side, eurogroup spoke.t urine usefu-- >> they are not going to be too late? >> it is certainly getting very short. the athens stock exchange index fell over 4% today. here to discuss this complex and time sensitive issue is brandon.

nicholas. thank you for joining us. you are mentioning that you just came back from greece yesterday. what is the situation on the ground? is there a palpable sense that they may not reach a deal? nicholas: yes. if people are involved in backing circles, they know very not reach aght deal. on the other hand, the average person is remarkably calm given the circumstances. people have not withdrawn as much money from the banks as you might imagine. people are apprehensive, but the average person is not in full crisis mode. mark: our investors apprehensive as well? mr. brown: they are apprehensive. mario draghi said he would do whatever it takes. be of verynd it will

big transfer to greece and is will have very big consequences and will make it difficult in the future to arrange support for weak european members of the union. very big say a transfer. is that something the international creditors would sign off on? brown: there are two scenarios. either the merkel government caves in or greece repudiates. whichever way that goes, it is onng to be a big, long-term taxpayers. mark: just to reiterate. says the imf is responsible for criminal responsibility for his countries recommend. how does it help the situation? nicholas: it does not help at

all. i would say that alexis tsipras is responsible for criminal inactivity. it is a gamble of whether greece not. stay in the eu or in the last five months, this government has used many tough statements of this sort, which alienated the european partners, the imf and icbc. what do international creditors want to hear at this point? what do they want to hear from the greek government and international creditors? let's be straight about this. the main creditors are official institutions. --isi would say is that important, is is the message they get is that they're going to be much more political resistance to merkel and draghi

in the future, they are going to be more anxious about the credit and credit worthiness of both countries, spain and italy. mark: is there real concern that greece will be forced to or will voluntarily leave the euro? mr. brown: they may forced to leave but they have a strong bargaining chip, the euros left in the bank systems and the citizens holding international liquidity. they may actually get better terms offered to them by brussels and berlin. mark: is there the possibility that brussels and berlin will see what prime minister sippers is saying -- alexis tsipras is saying? he is said that they have forced

austerity on greece and the greek people have been humiliated and cannot take this anymore. nicholas: one has to consider the alternatives. bankruptcyrnative is inside the euro and outside the euro, these consequences of such a bankruptcy are so bad for greece, it does not matter how battered is for the rest of europe. this would be a total disaster for greece. people would lose it big percentage of their incomes. they have already lost 25%. they may lose 50% more. agreed to a, but at the same time, bankruptcy is much, much worse. mark: mr. brown, let me give you the last word. are the global markets pricing in the fact there may not be a resolution to this? mr. brown: they're pricing in a

strong likelihood that there is going to be a default. what is more difficult to price is what we're getting from this. there are a lot of frothy markets around the world which may suffer a loss as a result of what happens in greece. mark: brandon brown and professor nicholas, talking sensitivece, a time issue we will continue to follow here at bloomberg. still ahead on bloomberg market day, from the super bowl to mortgage lending, one former football player who could serve up $8 billion worth of u.s. homes loans. ♪

mark: welcome back. let's get to some breaking news. citi?hyman, it involves julie: it involves the investigation into money laundering. has uncovered potential violations serious enough to merit a fine under the bank secrecy act. all of this according to those familiar with the probe. they have been focusing on e-mails from lower and please -- fromsed alarms lawyer employees that raised -- lower employees that raised alarms. a couple of things raised in the employee e-mails, concerns they

did not know enough about the recipients of large cast transfers and complaints that managers were not being responsive. these complaints spend years. ongoingestigation is and is not expected to be finished until next year. we are learning a little bit more about what these investigators are finding out about this unit of citigroup. we did see the biggest fine from a probe in the secrecy act violation last year. paid 2.6 billion dollars to the justice department and other regulators. it was in connection to the ponzi scheme orchestrated by madoff.ad the investigation is ongoing. mark: thank you. we will continue to follow this

story. now look at today's market close in europe. let's start with the equity markets. , thean see that the close majority of markets closing up after we declined earlier. on germany's dax, we're seeing sharp declines on the athens stock exchange. leavingnks are losses on the stoxx 600. the athens stock exchange, worst three-day drop since the anti-a came intoparty power in january. tsipras, he has thrown down the gotland to creditors,

saying the imf has criminal responsibility for greece's predicament. .his was in front of lawmakers he also said the ecb tactics are akin to financial fixation -- a six nation -- that is why we have seen the equity benchmark rebound. two-day decline, it was on course for three days. where you still see the concern is the euro. -- ineclining at comparison to other major currencies. greece says it is not putting a new proposal forward. europe said that it is ready to restart talks if you submit the proposal. people are concerned about contagion and grexit.

mark: warren buffett's berkshire hathaway has made another bet outside of the united states. warren buffett took a further step to expand his commercial insurance operations virtually. archer hathaway will take a 3.7% stake in insurance australia for just under $390 million. we spoke with the ceo after it was announced. berkshire terms -- extended it to the maximum. they are going to expand here. mark: let's take a look at the top stories. in russia, it is playtime for patriots at a place that will never be mistaken for disneyland. vladimir putin is opening the

army's biggest defense exhibition at a military and recent park. -- an amusement park. london.t lady is in michelle obama and her daughters are on the european visit. she arrived at number 10 downing street. she will also take tea with prince harry. the goal of her trip is to promote education for girls worldwide. one of baseball's most intossful teams hacked player data. the st. louis cardinals are being investigated. there's evidence that they broke database.stros that is a look at some of the top stories at this hour. talk about a success story.

casey crawford went from being a super bowl champion to running a mortgage company. hisher and john looked at investment firm, movement mortgage. originate $8 to billion in u.s. home loans this year. scarlet fu joins me with more. scarlet: he started the business by googling how to start a mortgage bank. wells fargo, jpmorgan, they have been cutting down there home loan divisions. -- they are much more cautious. you are telling us how much he is making. in the first quarter, for out of the top for mortgage companies were not banks. mark: he is the young guy,

targeting millenials. scarlet: most of the banks are doing with the hedge funds and private equity banks are doing, chasing after the wealthy buyers, wealthy customers. have been left in the dust. mark: you can read the entire story on bloomberg.com. greato blackhawks, players, they play defense. scarlet: they play with the same core. third stanley cup in six years. on marketng up next day, we have more on the breaking news that could have citigroup in hot water. ♪

mark: welcome back. reading news on citigroup. a justice department investigation into money laundering controls has uncovered potential violations at banamex usa. keri geiger helped to break the story. what is this about? keri: it is a broad look into the banamex usa unit. it has three branches and $1 billion in assets. the charges are going to be significant. the bank is likely facing violations of the bank secrecy act. it is the controls and compliance lies around how banks monitor for potential money laundering and the types of other issues that go along with that. mark: what will prosecutors look for? ri: a key piece is e-mail.

e-mails and chat room provide quite a bit of evidence for prosecutors. with this one, it is e-mails of staff members, raising red flags about certain transactions through the bank and asking for more resources of the can have a more robust compliance system. mark: citigroup is going from one pedal to another. -- puddle to another. : we saw five banks plead guilty to manipulating foreign exchange rates and antitrust behavior. citigroup was one of those banks. they are facing multiple investigations. panamax usa is just one of many seen on wall street. mark: had talks begun? ways offthink it is a until the matter is resolved. it could result in a large fine

and possibly a deferred prosecution agreement or other type of settlement with the department of justice. mark: this is not local, it is headed by the attorney general's office of massachusetts. keri: correct. mark: it is strange. you come on and tell us about the stories and it seems to always either begin or end with an e-mail trail. keri: always. mark: they believe this stuff is never going to be found and if you press delete it is gone forever and it is not the case. not matter how much compliance training these banks give. thank you. stay with us. bloomberg market day continues in just a moment. ♪ . .

mark: it is 11:00 in san francisco, 2 p.m. in new york and 2 a.m. in hong kong. marissa mayer tilde bloomberg

her plans to spin off the company's alibaba stake. scarlet: it is a gamer's paradise -- the electronic gamers entertainment expo is underway in los angeles. cuts and the government the trans fat. the fda will require companies to phase out its use over the course of three years. from bloomberg world headquarters in new york, i'm mark crumpton here with scarlet fu. scarlet: let's get straight to the markets -- stocks are at their best levels of the session right now. the session right now. we are looking at the first gain in three days for the dow jones, s&p and nasdaq, with most industry groups gaining right