on gay marriage. our eyes are trained on washington. thend mirror, mirror on wall, who is the best banking >> and the all? greek economy is in shambles yet it is still seeing record terrorism. could that be the spark leading to recovery? >> good morning. i am scarlet fu. pimm: and i am pimm fox. consumer confidence is out and michael mckee is in the newsroom with the headlines. michael: we go from 96.1, the

preliminary report for june had been 94.6. driven by themp current assessment of the economy. from 106.8. they get rising consumer expectations, people thinking things will be better six months down the road. the fed likes to watch the inflation indicators. we get 2.7% increase. consumering from confidence i want to bring in phil mattingly with a decision from the supreme court. the two biggest cases everyone was looking for, gay marriage is now legalized nationwide by the supreme court. .hat is according to headlines what this ruling does is essentially bring gay marriage to the final 14 u.s. states that did not allow it. itre was some expectation was coming based on the supreme court's decision to allow 17

lower court reversals of same-sex marriage bans go forward in the next -- in the last several months. this is the final moment everyone has been waiting for. was 5-4 in favor of legalizing same-sex marriage nationwide. the two prime cases, the affordable care act and both now are done. same-sex marriage specifically dealing primarily with those last 14 states. individuals nationwide can now legally marry. pimm: does this mean those states would have to change their laws and do this tonight? what does this mean? phil: the timeline won't be addressed in the opinion. by all accounts, advocates i have been talking to in the last several weeks, they believe there is not going to be a lot of lag time. there's not going to be an appeal.

i think there are state lawmakers and legislators that are not going to appreciate this ruling in any way shape or form. they will try to figure out ways around it. for the time being this is the be-all end-all. marriages will's be happening very soon. scarlet: same-sex couples now have the right to marry in all 50 states. we want to bring up a map that shows across the nation where you were not allowed to get married up until today. previously it was recognized in all the states along the coast. certainly on the eve coast, with the exception of georgia there. the states that have not recognized same-sex marriage, the dakotas, nebraska, texas, louisiana -- pimm: michigan as well as tennessee. scarlet: the 14 states of which it is not possible, that is going to change. you are saying this is not immediate, what kind of reaction have we gotten? phil: there have

been people camped out waiting in front of the supreme court for this decision specifically. in advance ofs pride weekend. the expectation up to this point is this is what was going to happen. and itgoing to be 5-4 was going to be in favor of making same-sex marriage legal nationwide. it isn't a huge shock or even a question of it -- of if it was going to happen. it is going to be on the state level. there is going to be a feeling amongst those legislators in the states you were just pointing out that there has to be some kind of way around this. i think largely, at least on the federal level, when you talk to a republicans, many of them have been opposed to this or remain opposed to this. a see the writing on the wall. the shift in the last 12 months on this issue has gone completely against where they are standing right now. i think the expectation on the federal level is they are going

to let this be. they can be opposed to it but there's not going to be any major move to try to get around it. been coveringave the campaign for the 2016 elections. to what extent to be announced candidates -- to extent has the announced candidates talked about this at all? we need this decision was coming. phil: this is a complex issue for candidates in a republican primary. if you look at most of the campaigns for established candidates, they recognize these poll numbers. if they want to get to a general election, they are very wary of taking a hard-line stance on this. when it comes to primary states, specifically if you want to look at iowa or even evangelical christian states, they play a large role in the primary, social issues are what they have to talk about. i spoke to jeb bush about this. they are not going to approve of this, they are not going to support this decision right now.

they are against same-sex marriage. they believe marriage is between a man and a woman. this is something that for the large part they don't want to happen. the exception that you will hear today is senator ted cruz. he has been talking about a constitutional amendment to ban gay marriage in general. he has introduced that on capitol hill. he has made it a point in his stump speech. you are going to hear him talk publicly about this. in the republican field there is a recognition of these poll numbers, that social a cute -- social issues, not economic issues, are what they want to us on -- to focus on. does this 5-4 vote mean anything when it comes to the campaign trail? phil: i don't think so. i think this was in line with what the expectation was. i haven't really dug in on the opinion yet. nancy kennedy was going to be the swing vote. can be so difficult to read on the supreme court

cases, a lot of us have made mistakes in the past -- the tea leaves were very clear here. their willingness to allow 17 states to have illegal marriages over the last couple of months, they made clear there were five justices in support of this. the other four stated clearly this wasn't something they were going to support. likely kennedy siding with this. i think that largely was what the expectation was. pimm: i want to thank you very much. have more with phil later on. other decisions we are waiting come the supreme court. this decision could have a major impact on companies. could have an impact on how companies treat their employees. been looking into that side of the store. you can argue corporate culture has been shifting in this direction already, making it

possible for couples in same-sex marriages or relationships to have health care benefits and other insurance coverage through their spouse or partner. about 94, 90 five, maybe even higher than that, percent of companies offer benefits to same-sex couples who are domestic couples, who up until this point could not be married couples. the interesting thing is many of those companies may job that benefit for domestic partners that have been couples. pimm: in other words the companies would insist they be married to qualify for these benefits. percent are for same-sex couples. done, it was about 20% said they would drop domestic partner benefits for

same-sex couples once this ruling came by. this was just in the last week. cost issueis was a in finding any way they can to reduce their expenses for people who are not direct employees. not just cost. the idea is it is complexity. to give same-sex benefits, there is a lot of stuff they have to do administratively to make this all the same. the real problem for the gay couples may comment by saying that they are married, they open themselves up to discrimination. while it is legal to be married in all 50 states, it is not legal to be gay in all 50 states. it is legal to be gay, but they can discriminate gate -- discriminate against you legally. i have a certificate saying i'm married, somebody can say you can't rent an apartment from me. scarlet: what kinds of companies or what companies in what industries offered benefits to same-sex couples.

jeff: unfortunately they don't break it out so you can tell which industries it is. it is more supportive in the coastal areas than in the middle of the country, kind of how you would expect it. this becomes an issue where the big companies are more supportive than the small companies, because the bigger companies recognize these people have to go across borders. they are negotiating and try to get talent from all over the world. that is another issue. if you go overseas and they have a record of being in a gay marriage, it is still illegal to be gay in a lot of countries where we do business. there has been a week nod where you would list your family as household staff if you were gay. if you have a record to being married to one of them, that becomes more difficult. pimm: does this create a legal responsibilities that have not existed before for people who'd become married? jeff: definitely. there is a whole lot this place into in terms of domestic divorce.

the partner arrangement does not give you the same rights to the estate of you ended it, where being married will obviously create a lot of legal entanglements. there are tax implications. there are a lot of implications that come into this. now you are married. it is all the same stuff that regular couples of the opposite sex have to deal with. who don't getple married who are heterosexual now applied to gay couples. scarlet: we want to show you a tweet hillary clinton just tweeted out. the democratic presidential nominee tweeting out -- hillary clinton coming out in support of the supreme decision. pimm: i want to bring in phil mattingly, who has been tracking this decision. now that hillary clinton has

gone to the public heirs with -- to the public heirs, what can we expect? phil: think about it -- look at it from this perspective. the is a 11 years since first state legalized same-sex marriage. over the course of 11 years the public opinion shift on this has been stunning. there is no other way to put it. from the perspective of social change, i don't think you have ever seen anything change this quickly in this transformative of a way. on thisd, republicans issue, particularly as they look at a competitive primary where conservatives just don't agree with this in any way shape or form, are not going to get to far out front. they are not going to make some grand statement. you are going to hear opposition how this came down, continued opposition to same-sex marriage, but possibly some massaging language.

it is time to move on. i think that is as far out as you are going to see somebody get. from president obama who said this is a big step forward in our march toward equality. obama, when he ran in 2008, was against same-sex marriage. he has, as he quoted himself, he evolved on the issue. way this has occurred in such a quick fashion, when our president is now trumpeting this case for equality, he did not believe that this was the pathway to go. what i have heard from the white house this morning is there is a pretty good chance we will hear from him publicly about this before he heads down to charleston to eulogize one of the victims of the shooting -- the nine who were killed in the shooting just last week. people saying the president was opportunistic and how he declared his view.

i wanted to bring in some context to the supreme court decision. it was a 5-4 decision with justice anthony kennedy writing the majority. let's give you the quotes he wrote. justice anthony kennedy in democratic courts appointees -- jeff green come over to you. we were talking about how many companies have moved ahead of this. allowances forg same-sex couples when it comes to benefits, health care benefits, retirement benefits, all that. can you contrast that with how the federal government and other state employees are treated? jeff: the federal government is where we had the previous supreme court decision. i cannot say state-by-state how this plays out.

this is bringing the rest of the country in line. the fact that companies are behind this is the key thing. that is sort of the expectation now, that this is going to set up the companies to get behind a push to now go to the states where you can still legally discriminate and get those laws changed. fors the next frontier companies, these copies have a great infrastructure. the lg bt group has a great infrastructure in place. companies pressured to show their support. the next frontier would be to get the states that don't currently allow people to be gay without fear of discrimination, to get in line with the marriage decision. affect taxthis filings? clearly if you get married

-- the limit for a single person is 200. a married couple's limit is 250. if you take 200 grant and put them together and jumped to 400, you just jumped a tax bracket. it applies to everyone who gets married. i don't think many people are going to look at this as a defeat, because they have to file different taxes. theyis the consideration, can still file single. it is those sort of things that come into it. imm: stick around, because want to bring in paul barrett of bloomberg businessweek. you had the enfield bolt task of reading the entire -- the enviable task of reading the entire -- hold it up. able tot you have been gleam, tell us, what do we need to know? paul: we see the predictable and result of justice kennedy's year-long journey using the constitution has to process and

equal protection clauses to extend the right to marry to same-sex couples, the same as heterosexual couples. you see a very predictable pushback from the more conservative members of the court, saying it is fine with us if legislators want to extend this right to same-sex couples, but this is not the judiciary's work to do. chief justice roberts went so far as to say, look, if you are in favor of gay marriage, celebrate today. in an expansive sense he said, it is a wonderful day for you. but don't celebrate the constitution, because the constitution should not have accomplished this, this was a test for democracy. whatet: let's ring up president obama has tweeted. he tweeted out shortly --

this is from the @potus handle the president got earlier this year. and he follows hillary clinton who tweeted out her support right away. as you go through the actual decision, where you have seen so far? was there any mention of what you have not expected within the writing? paul: i wasn't terribly surprised. i think this is the logical outcome of a movement in the federal judiciary, capped off by the supreme court, that has been underway for some years. the speed of that movement was doubtless surprising. in a decade we have gone from a --sent is that gay marriage from a consensus that gay marriage upheld by the constitution is a fantasy to it being a hard reality. that is surprising if you go back 10 years.

in term of the last few years, those united states -- the united states supreme court put us on that path. pimm: i want to get your thoughts on the power popular opinion and how that influences the supreme court in this particular case. opinion isat public now so strong on a variety of issues, and that message can be delivered quickly, and consistently, does that have an effect on the decision-making process? in somethink it does instances, and i think gay marriage is one of those instances. as recently as a few weeks ago she was asked why did attitudes toward homosexuality in a particular gay marriage change so quickly? shortid there was a period of time when people all across society said i know gay people. my aspiration to marry does not

seem remarkable to me. it seems like an almost conservative impulse to formalize relationships. the popular consensus forming has affected the united states supreme court. we have seen the turnaround in this decade. scarlet: companies have really been leading the way here. the supreme court has playing some catch up -- has been playing some catch up to public opinion. they are struggling to define themselves on this issue. having said all that, who within -- gop is least resistance to same-sex marriage? phil: their public statements matter and their public statements are universal across

the field. there is a lot of behind the scenes thought about one campaign that may be more open to it than others. publicly everybody is more or less in the same place. the differences who will be active in challenging this? we got a statement from bobby jindal, saying this is an assault on religious liberty. maybe some of the top-tier candidates, chris christie, folks like that. interesting is most business's role in this matter. when you talk about the state level, indiana and louisiana, business was just an effective piece of this coalition on same-sex marriage as anybody else. they have played a huge role along with groups like the human

rights campaign and people like that. with natural alliance is the republican party. this is an issue they absolutely break on. if you look at businesses who file supportive briefs to this case, there were a lot of them. more important, there is a large republicanp operatives who filed in support of same-sex marriage during this process. it is not the party on the whole. the 13t in this time for declared republican candidates and the three likely to get in, the calculation is it is not worth getting out in front of where their primary voters are. pimm: i want to thank you very much, phil mattingly. paul, in that sense you have been highlighting a lot of the opinion. is it also a bit of a reflection of the power of justice kennedy in swinging one vote one way or another? does he become that pivotal vote?

paul: he has been that pivotal vote for a number of years. sometimes she tensed to tilt in the conservative direction. that is the case on the first amendment when he encounters regulation such as campaign finance. in many cases related to racial relations, affirmative action and so forth, he has been firmly on the conservative side. in connection with individual liberty, particularly relations and marriage, he has been onsistently a thought leader the supreme court in shaping the idea on why the supreme court was clear the way for gay marriage. some of his language is as high flying and poetic as you are going to find in a supreme court decision. no union is more profound for the highto embody than

ideas of love, sacrifice, and family. you would misunderstand these men and women. to say they disrespect the idea of marriage, their plea is they respected. pimm: let's bring in a guest to get a reaction. we have the director of the center on religion and constitution at the witherspoon institute area he is also a visiting lecturer at best and politics university. you are a vocal opponent of same-sex marriage. what is your reaction to what paul just read in this decision? decision, think the the opinion of justice kennedy is wrong -- is long in rhetoric and woefully short on persuasive legal reasoning. justice kennedy has connected dubious content

such as the living constitution and due process. this is our generation's roe versus wade. this is an opinion that usurps the authority of the people to govern themselves and it imposes an illegitimate reading of the constitution. only 11 of which have adopted same-sex marriage democratically. pimm: how do you respond to people who say by not allowing this is interfering in the lives of people who want to get married? matthew: i don't think it is interfering in their lives at all. the basic question which justice -- what marriage is. , forage simply is a matter

justice kennedy, people fulfilling their own sense of dignity. i am all in favor of everyone's dignity as much as the next person. i don't think that really functions as a definition of marriage. justice kennedy seems to be working hard to cap in this two person marriages, two couples, but there's no principled reason that will actually work and why not embrace all sorts of polyamorous relationships, for instance. scarlet: we have pallbearers with us, along with -- we have paul with us along with phil mattingly.

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♪ welcome back to the bloomberg market day. i am scarlet fu. paul: i am pimm fox.

-- pimm: i am pimm fox. we will bring you president obama's comments live. scarlet: it has been a good week for president obama. pimm: obamacare, and he also won with the trade bill in congress so he is two for two they are. scarlet: now on gay marriage. he will be taking a victory lap the next few minutes. we expect that to be reflected in the tone of his comments. pimm: there is no victory lap for creditors interested in greece. scarlet: it is on the brink. pimm: with just days to go until it's bailout expires, there are still no deal insight. --y have proposed a 17.3% $17.3 billion in funding. is that a real solution or another band-aid? scarlet: joining us is mike

reagan and alix:'s topless. kostopolous. any sense of shock or surprise that it has dragged on as long as it has? >> certainly no one is too surprised that it has dragged on. the markets obviously reacting pretty positively in the dress to this news of a proposal on the table. i think ultimately, the stock market is stuck in this range and it is hard for me to imagine any outcome in greece really dragging it too far out of the range either way. a lot of people are bringing up the comparison of the lehman brothers. said, this isedge the lehman weekend for greece. i feel like there is a little

bit of hyperbole there. credit default swaps on greece is about half $1 billion and lehman is hundreds of billions of dollars. all of the greek debt is basically owned by the imf and government. it is obviously a big question of what that contagion is in the private investor market but it is one of those unknown, unknown, unknowns that donald rumsfeld used to talk about. scarlet: you make the point that what is going on in greece is good for the markets because it keeps a rally in check. >> i think that is a valid comparison. this market could be called exuberant. greece has been one of those things lingering in the background. we're all worried this has been keeping the market from getting too exuberant. pimm: the chief executive of

forsyth strategy is joining us. be a fly on the wall with alexis tsipras, what are they talking about? i definitely hope they are talking on how we can reach our not yet of victory with another band-aid. the majority of the people here are extremely frustrated and disappointed by the standoff. we need all parties to find the courage and logic to reach a constructive and realistic solution, an agreement that can actually get implemented in the following months and allow the economy, the private sector, the business community to do what we do best, to generate wealth, to create things. thing is completely paranoid i definitely hope that

tomorrow will be a better day. scarlet: you talk about how private sector should not be left -- should be left to do what it does best. business is driven by trust. there's question certainly about the level of trust in the government as they negotiate with their creditors. do you as a businessman, a representative of the private sector trust the government that they can uphold their end of the bargain? we have to go back to the fundamentals. the track has been built and gained every day with what we do. over the last years we have seen repeatedly that what has actually failed us, it is the , the lack of the right policies from the government, and not only our government. europe has figured into this mess too.

i believe it is imperative to gain the credibility of the business community and unfortunately, at this point this whole situation created an unbelievable obstacle for anyone to do anything else. that ourical international partners, our colleagues, friends are reluctant to do business in an ecosystem where you do not know what will happen tomorrow morning. less itnest, more or has been driven by people that are not that much related to the real economy. they are either politicians were academia and with all due respect, i think at some point we need to focus to actually what the real business community, the employees, the entrepreneurs know and how we can work with them.

we need a bold alliance of all stakeholders to be able to move forward. pimm: give us your best estimate, you talk about the real economy. for the real money economy run out if they do not get an agreement? alex: i have two daughters in business. that wiserimate is minds will prevail and tomorrow they will reach some kind of agreement. we need to find the courage to implement that decision to stop getting stuck with political agendas and obsolete mindsets that up to now we have entrapped ourselves with. issues,ocus on the real to tackle the structural problems that we have in greece and move forward. scarlet: well put. he is ceo and founder of forsyth

strategies, and bloomberg's mike reagan for our stock coverage. pimm: we will have more on the bloomberg market day coming up next. ♪

♪ scarlet: welcome back. we are in our into the u.s. trading day. i'm scarlet fu. pimm: i am pimm fox. let's go over to julie hyman. scarlet: we have economic data that did give markets a lift. julie: we have the confidence report. we have a little bit of a mixed picture in terms of u.s. averages. the nasdaq has been in the red today but we have had the dow and the gaining.

the dow gaining the most today, 6/10 of 1%. what is dragging down the s&p 500 is indeed technology and more specifically, semiconductors. out is after micron came with sales that fell 3.2% last month and sales this quarter will lag when analysts have been estimating. worst are down 17%, the one-day performance since 2008. it has been quite sometime since we have seen a plunge right this for micron and it has to do with personal computers and the drop in demand. the majority of the company's chips go into pcs. jeffrey's earnings estimates cut estimates earning were cut at jefferies. theyis try quite after merged, and skyworks solutions

as well. the majority of the 10 worst performers in the s&p 500 are semiconductors. i want to take a look at my bloomberg terminal to take a look at the ram pricing. this is the type of memory that goes into personal computers. this is the major one that micron makes an micron is the maker in thechip united states. it is pretty clear what has happened here. dramve seen a collapse in pricing. you also had a light of chips -- a glut of chips. nagy is going higher, worldwide futures orders. you can see the finish line also coming out with numbers that the estimates. i mentioned the best performing in the dow also happens to be nike which is one reason it is

doing better than the s&p. pimm: that is scary. that is bad. to continue our coverage of the supreme court's historic decision 5-4 allowing gay marriage in the united states we have phil mattingly, our political correspondent. tell us a little more about the political ramifications. the president will be talking at 11. we talked about the republicans a little bit. what does this do for democrats? phil: this is a coalition that hillary clinton has made a concerted effort to reach out to over the last six months. the coalition, both in this case and their ability to round up public support and change, but also in their effort to align with as this is, this coalition of lgbt is extremely effective. there organizing and getting out the vote.

it was not like this was a difficult issue for democrats to begin with but this will help all candidates, bernie sanders, governor o'malley, and hillary clinton are all on board with this unit the one thing we did already see, hillary clinton has already sent an e-mail out to gather names and data in support of this. they waited all of about 10 minutes to use this as an exercise for their own campaign. you look for them to find areas that motivate their people, motivate their base, and this is certainly one of them and she is already trying to capitalize. scarlet: the analytics team is working overtime. to what extent is hillary clinton a latecomer, playing catch-up to the change in public opinion the way the president was? he kind of changed his mind, some might say abruptly over the last couple of years. was hillary clinton always in support of gay marriage or did

she take her position more strongly after the tide of public opinion changed? phil: she took her opinion more strongly after the tide of public opinion changed. latecomerscians were compared to the rest of the party. the expectation was, if you went back to 2008 -- and this underscores how fast this changed -- no democratic politician thought they could win a general election coming out on this issue and the pulling back this up. time, in 2007 and 2008, you are looking at polling where this was an underwater issue, you did not want to address this. marriage, youo kept away from it. that has all changed in the last two years. pimm: i want to show you some comment by at least one of the republican contenders. you have job bush coming out -- jeb bush coming out and giving

his opinion here it phil: republicans on capitol hill or not touching this with a 10 foot pole. with jeb bush, "i believe the supreme court should have allowed the states to make this decision. i also believe that we should love our neighbor and respect others, including making those lifetime commitments. " he believes this is the state's decision. this has always been his standpoint. pimm: does this make it easier for him to go to his republican backers and say, it might be a close race for the republican nomination but i am the candidate who can win a general election? phil: here is what is actually going on. the republican, the establishment area of the republican party's, the big , support same-sex marriage.

they were crucial to new york's same-sex marriage push. when jeb bush has done is found a way to say, because of my religious beliefs this is something i believe in but this is the ruling and i'm going to follow it. that is something he believes, if you talk to republican this makes a lot of sense. there is the other side, the republican party, aside that is plain to religious conservatives, evangelicals. has a bill in congress to have a constitutional amendment to ban same-sex marriage. bobby jindal was out with a statement on assault on religious liberty. it goes directly in line with religious beliefs. but it also goes into line with the politics they are trying to play in iowa. scarlet: phil mattingly. thank you so much. we will get different reactions from the presidentisal

candidates. let's get you to some other morning top headlines. have almost 60 people killed in terror attacks in four countries today. investigators are investigating but there is no evidence these were coordinated. in tunisia, gunmen opened fire at a resort and 20 people were killed. one suspect has been arrested. france,eastern factoryts targeted a when i decapitated a man and then drove at high speed, knocking over gas canisters. one suspect was arrested. >> all over the national territory, a powerful deployment hasrotect religious sites been activated to ensure that protection of friends -- french who have been especially hit. theyet: in somalia,

attacked peacekeepers and killed more than 30 troops. the group is trying to overthrow the western-backed government in somalia. in kuwait, a bomb exploded during a show -- in a shiite mosque. the islamic state called for terror attacks to happen during ramadan. u.s. officials say there are no there's there is no evidence these are correlated. planein alaska, a carrying sightseers crashed into a cliff, killing all nine people on board. the passengers had been on a cruise ship. this is the holland american ship. amazon is trying out a high-tech version of the neighborhood ice cream truck to promote its mobile shopping app. the company is rolling out what it calls the treasure truck. it will carry one heavily

discounted item every day. shoppers can find out what it has and locate the act -- ok the truck -- locate the truck by using the act. quarterlyeosted profits -- scarlet:nike posted quarterly profits higher. a new diversity report from facebook shows the company is mostly white and male. 68% of facebook's employees are met, 51% are white. harry potter is going to have a new adventure, only this time it will be on stage. j.k. rowling says a play called "harry potter and the cursed child" will open at the london theater, exploring and untold part of harry's story but is not a prequel.

those are your top stories at this hour. for: coming up, standing by comments from president obama about the supreme court ruling on same-sex marriage. scarlet: investor, investor, on the wall, who is the best ceo of them all? ♪

♪ scarlet: welcome back to the bloomberg market day. i am scarlet fu. pimm: i am pimm fox. exactly what counts when it comes to determining the best banking ceo? michael morris set out to answer

that question and he joins us with that answer. tell us about that effort to whittle down the bank ceos into the best. you had to have some parameters because there are so many companies you could have chosen from. michael: there are a lot of banks and a lot of ways to look at it so we decided to do a bracket. scarlet: banking bracketology. michael: we took the 16 largest banks and then we took only the ones who have been in their jobs for the last three years. so they would have a track record. we excluded any of them that were state-owned. scarlet: no rbs, no chinese banks? michael: right. that is who we looked at. pimm: you look at things like, return on equity? stock performance? michael: we had a different

measure for each round. the first was return on equity because that is the highest measure of profitability. scarlet: and that is what they get paid on also, right? michael: yes, they had some of their pay tied to these measures. the second one was relative stock performance, how they did compared to the index in their home country. scarlet: what is interesting there, if we could pull up the charts, because that narrowed it down quite a bit, the u.s. banks are the biggest out performers. that kind of surprised me. i did not realize they had done so much better than some of the japanese banks were the french banks. michael: some of the japanese as you see have higher return on equity but over the last three years the bank stocks in the u.s. have done quite well and that is where many of the u.s. guys advanced. had growth of equity, stock performance. michael: the third's growth per

share, how quickly you are increasing year equity base. that is warren buffett's favorite measure on how he is doing so we thought that would be a good one. pimm: that narrows it down. what comes next? michael: we get to the finals. it was two very candidates, lloyd blankfein and the ultimate wall street bank and the john stumpf at wells fargo. what decided the winner? michael: the winner was decided by legal costs over the last three years. which banks have kind of managed to stay out of the spotlight in terms of the legal expenses and litigation. scarlet: drumroll please. pimm: and the winner is -- michael: john stumpf.

wells fargo has had some of the top profitability. they have the spotlight on legal, their legal hills have been fairly low compared to the other u.s. banks. they have had good stock performance so he kind of checked all the boxes. pimm: so he gets bragging rights. scarlet: and so does warren buffett. pimm: exactly. michael: i'm sure the next bank ceo dinner that john stumpf will get some bragging rights. scarlet: you are going to go up to him and shake his hand, certainly. michael moore, inc. you so much. pimm: coming up in the next hour, president obama speaks live after the gay marriage ruling by the supreme court. ♪

♪ scarlet: good morning, welcome to the bloomberg market day. i'm scarlet fu. pimm: i am pimm fox. scarlet: we are waiting for the president. he is due to come out and make a

speech or make some comments at 11:00 a.m. phil mattingly is here with us. he is our national political correspondent. he has been following the comings and goings of this debate for a long time. who was the first presidential candidate who jumped out right away #phil: hillary clinton wasted no time. democrats will be all over this issue. the most interesting thing, and a colleague of mine made this point. the person we all should be asking for comment from is joe biden because he was the first major national politician in the obama administration to come out in support of this. he did it accidentally. he enraged obama's team because they had a planned rollout. with joe biden on a sunday show who kind of just being joe biden, said, i have supportive