europe may have stepped over the brink. we could be days away from a default as greece gets ready to go to the poll. >> i'm going to get inside on what greece crisis means for investors. the -- mariois isze l.a. -- mario gabelli the chairman and ceo of gamco investors. coming up. betty: we get a look at how markets are trading midday. what a wild ride? weities are lower than what have seen in europe. and in asia.

down 200 points. s&p down by 500%. also the commodities and particularly oil. that marke well below at over 2%. scarlet: that fear factor is playing out in the bond markets. the yield goes down. 65 basis points. year, 2.36%. check out the euro, it is higher versus the dollar. that seems to be the one thing everyone could have agreed on, that the euro will weekend because of all the drama and the uncertainty. the ecb's will be right there to make sure the default is in spread to the reps

that doesn't spread to the rest of the region. stories, theop supreme court is wrapping up its term with several key work -- key rulings. making elections more competitive. they upheld an independent commission. states could continue to use a lethal injection drug that could be -- they will not hear an appeal over the clean water act fines from the 2010 gulf of mexico oil spill. as much as $13.7 billion and more than one billion from -- anadarko. it was the largest in u.s. history, releasing millions of barrels of oil into the gulf. scarlet: the greeks have no one to blame but themselves. itse -- greece has closed

banks to keep them from failing. merkel says greeks have to be more flexible if they want the debt crisis solved. >> this was our contribution. to say the we need willingness was lacking on the greek part for such a compromise, which led to the failure of the negotiations and the decision to call a referendum. betty: the pragmatist or is urging them to vote no. sinking to record lows today. the record of the u.s. commonwealth telling the new york times that it is $72 billion in public debt is paid -- that its seventh $2 billion in public debt is some payable

theater those insurers assured guaranteed. guaranteed -- over to egypt where the country's top prosecutor was killed by an explosion in cairo. egypt's official news agencies say his conflict was bombed. at the prosecutor has put cases against the muslim brotherhood. two uber managers are being questioned in paris. unspecified illicit activity is now being investigated. the ride sharing under pressure from french let -- french regulators. taxes.s avoided there is a sign that recent strength in the real estate industry will be sustained. antracts rose in may for fifth month. the pending home sales index increased 9/10 of a percent in

may. economists expected in uptake of 1.7 -- of 1%. superstar lebron james will be a free agent again. he is not expected to break the hearts of cap fans -- of cavalier fans worldwide. he won't meet with any other team. that will set him up for a bigger long-term contract. those are your top stories at noon. much more ahead in the next half hour. june 30 will be longer than most days, but just for one second. we will tell you why it could create some serious trouble for the markets.

betty: and then bill gross opens up to bloomberg news about what he has in common with kobe bryant. what the greek crisis means for investors from two major fund managers. that is just in 20 minutes. betty: all eyes still glued on greece. greece has closed its banks monday to keep them from collapsing. that came after the ecb froze the ceiling on emergency aid to squeak banks. angela merkel on the eu's credibility. angela merkel, if the euro fails, what does that mean? we have certain foundations upon

which the monitoring union is pro--- is built. common currency means there is a certain degree of trust between the european partners and the 19 countries decided to have a common currency. scarlet: it would open the door to more financial aid. the current bailout program expires tomorrow. here's a talk about the implications is erik schatzker and our economic editor mike mckee joining. as we are getting to nightfall in athens, tell me what is happening on the ground there. eric: the big news happened when the greek government imposed capital controls on the country.

the banks are closed until at least next monday and all transfers and payments outside the country, or at least two outside the country are parts in order to shore up the financial system and prevent banks from collapsing. there would have been a risk of a bank run. greeks have been preparing for this eventuality. that is why you don't see a ruckus or chaos playing out in front of the atm machines today. people are lining up. the atms appear to have cash. it's not to say that things couldn't get more eventful. the prime minister is due to speak on state television. we will see what he says. even though desk is approaching --wly fund may not

approaching slowly, the fund may not start yet. betty liu christine lagarde would have to say that greece is in for anything that would happen. >> if they don't, the imf could wait a month. christine lagarde said last week they would declare an immediate default. thatraises the question, would then give greases other creditors the ability, not the obligation, but the ability to declare cross default and we demand immediate repayment. that is what they have to face before the referendum even gets here. betty: i would have to say that is the most calm looking bank run i have seen so far. do you think part of that may have to do with this idea that either the greeks are in denial or they believe that in fact this is going to happen, but it

is not perfect them that much? -- not going to affect them that much. >> it won't get that much worse that they can't get through it. almost 50% youth unemployment. the economy is in tatters. you saw emergency liquidity assistance to greek banks. scarlet: one thing i can't help but noticing with all the pictures of people lining up, it is all older people, pensioners lining up at the atm machine. if you don't see any young people. what are they doing? >> some of them are skateboarding. i saw that what i was walking through the main plaza in the parliament building. i would jump on a point that of you area lot

unemployed. the pensioners got paid on friday or over the weekend or today. people have been able to use credit cards. the payments are kept within greece, which means the money is not leaving the country. that explains why there is this level of calm. put yourself in the position of a greek citizen. they don't read headlines. they are not as closely attuned to them as we are. they don't anticipate chaos the way we might. theycare about things when can't get money out of the bank, when they go to the supermarket or drug store and they can't get basic necessities in the way of food or medication. that is when these capital controls are going to start biting. and that may not happen for several days. at thei'm looking headline about these markets being closed until july 6, what appens come july 6?

might: they are probably going to need a run. of if there is a yes vote, it is not clear what happens then. does the government all and they take some time before getting back to negotiations? the to then leaders reaction vote is going to be imported what happens next with banking system. betty: thank you very much. eric, please. erik: there is a wrinkle to the question or the answer that we are going to find a. and if theefaults troika's bailout program expires on schedule, it is possible the , greekanking system collateral is no longer any

good. if that is the case, even if the vote goes in the right ofection, which is in favor an extension, it is not going to be clear if the banks will be able to open or not. scarlet: the referendum is scheduled days after the payment is due to the imf. betty: what will happen then? much more ahead on the bloomberg market day. taking a leap. after the break we are going to discuss how global markets are embracing an extra second being added to the clock tomorrow. ♪

betty: stocks are in the red but there is some buying going on, partly to do with the supreme court decision this morning. julie hyman looks at the areas in the green. julie: let's look at the silver lining today. that have to do with the coal miners. nonetheless, a big spike in these shares after that supreme court ruling on emissions, basically ruling that there was too much regulation, too onerous with other types

of toxic substances being emitted. maybe things may be favorable .or coal-fired power plants that seems to me to be the subset -- to me to be the supposition. bounds, whichy there isn't for consul, it is from very low levels. company performer is a that is a maker of electrical and electronic and cyber optic connectors. it is up 4% after acquiring fci asia. rising here as we have seen a lot of companies making acquisitions. it used to be something that wasn't so common. also we are looking at the utilities in the green today. today as we see rates

come down today. that tends to be more positive for utilities. i'm looking at the philadelphia utilities index in white and yellow as the 10 year yield. we are seeing the utilities coming down. they are the worst performing group this year, even as yields have been working up. they tend to do worse when we see treasury yields go higher. scarlet: let's give you a check of our top headlines per british tourists are fleeing tunisia. mourners honor the 30th people who died. several already has been arrested. police say the student who

opened fire at a beach acted alone, but may have had help. the gunman was killed by police. authorities are trying to figure out why a plane crashed into a house south of boston. four people were aboard at the time and managed to escape. it took three hours to douse the claims -- does the flames. just for a second, one lead second. a very critical week for global investors. betty: it offers time to solve some pressing world matters, but it could create some serious trouble for the market. a lot can happen in one second. check this out. >> 125.

betty: what am i going to do with that time? bob every joins us with what is at stake. to explain to us what we mean by this extra second. 60's humans have measured time by an atomic clock. .ut earth is slowing down in a few million years it will between the six hours long. while we have to sink it back up. second the first leap since 1972. it is the first one occurring midweek during the trading day in the era of the electronic markets. midnight, greenwich

meantime. work close but there is trading at all hours. exchanges are taking no chances. they're closing after hours trading for that little bit of time. there is implications everywhere , weapon systems need to be synchronized, law enforcement needs to be synchronized. your cell phone needs to send messages being synchronized by whoever's getting the data. there are a whole bunch of possibilities for glitches. scarlet: are companies up to speed or do they have to make a change? bob: they do have to make a change. hopefully i.t. people are working on it. i compare it to -- i'm not the only one -- to y2k.

i'm trying to be very calm about this area i think this will give greece another second to pay off their debt. betty will not be late for her appointments. there is an upset -- upside to all this. betty: are you saying i'm late? thanks. much more on bloomberg market day. bill gross still struggles with his departure from pimco. florida on aull neurotic west.

betty: this is the bloomberg market day. it has been nine months since bill gross landed at janus capital. the 71-year-old is opening up to bloomberg news.

as for investing, the best investors are people that are so needy it is never enough. it is a neurotic west for love. scarlet: he -- the global unconstrained bond fund in october. it is down 1%, including the pimco unrestrained bombed fund -- bond fund. every day he checks the performance of the bond fund. he says i have a happy night if i'm doing better and a not so happy night if i am not doing better. that is a terrible way to live. guys checkll street on their competitors constantly. cloaked, after speaking

with bill gross, he just wants to run money and be famous. he didn't like the managing part of it. scarlet: you wonder if you just take some of that plain vanilla advice, which is he happy with what you are doing to stop worrying about everyone else. scarlet: your mom needs to have a talk with bill gross. -- betty: much more ahead.

betty: now to some top stories

crossing the bloomberg terminal at this hour. diplomats are on the verge of reaching an agreement on iran's nuclear program. ae two sides are close to deal. the u.s. and other global powers wants to make sure iran is not building a nuclear weapon and will ease economic sections. apple is installing a new feature on its iphone. apple suppliers have started making phones that include forest touch, that senses how users are -- how hard users are pushing down on the screen. the field of republican presidential candidates keeps growing. john kasich plans to announce he is running for his party's nomination. bloomberg news is reporting he will make the announcement july 31. there are 13 declared republican candidates and 14 after tomorrow. that is when chris christie will

announce he will be entering the race as well. and the discovery channel showing it is a lot more than just shark week. paying $1.4ns is billion to air the next four olympics in europe. the topa look at stories at this hour. a have a newsday calls for some heavy hitting managers. mario gabelli, the chairman and ceo of gamco investors, and lee cooper erin -- leak to permit -- and lee cooperman. lee and mario, good to see you today. i have this huge brain trust. point at the breaking here? are we going to say this

is the end of the bull market on this day? >> stepping back, let's fakes it -- let's face it, the market doesn't like surprises. step backd that, you and greece represents less than 2/10 of 1% of global gdp and to less than 2/10 of 1% of global markets. it's tough for me to imagine that this will be a major events for markets. most of greek debt is held by institutions and not the private sector. mario: lee mentioned the size of their gdp. it is the manifest. it was the reserve fund that created a problem.

we are still waiting for the ripple of fact. that gives you opportunities for the things we like. it refreshes. refresh? --it scarlet: does it refresh? mario: japan will do well in 2016. even with jockeys background noise -- the united states will continue to do well. lee: the only difference between lehman and grace -- and greece is lehman is by the private sector. it is a big difference. mario: truly different than 2010 at 2011. scarlet: -- betty: what would you say is the percentage chance that we will see greece leave the euro?

mario: i can only tell you what i read from people more knowledgeable myself. very complex. if the euro fails, europe fails. germany is a major beneficiary. -- we have given germany a major trade advantage. german becomes priced out of the market place. the general feeling is the man stay inlady and people the eu. the greek people vote to stay in the eu. we are going to extend our offer to you and everybody lives happily ever after. keep in mind the last 150 years,

greece has been restructuring or in default. mario: we went to iceland to latvia, to ireland. it was a reasonably well anticipated except for the short-term dynamics. betty: the u.s. was still growing. this was a market seeing some great to dynamics here. showing charts about how the bull market will continue. there are no signs of recession. begins to end after a fed rate hike. lee: first reason is the stock

market is a leading indicator. it slows the onslaught of recession and slows the decline. there is no signs of recession on the horizon. the u.s. is starting to accelerate a little bit. the second is the market becomes a very exuberant in its pricing. 10 year government is 2.1%. doesn't seem to be out of line. we discussed the numbers, 2/10 of 1% of gdp. russia, a lot of different things. getting to the point you raise, taking the punch out of the punch bowl. every body is focused on that. on average the market rose from

close to 30 months after the first fed rate hike. a second statistic, if you take the average of those eight cycles, the market on average is 10% higher. i'm not worried about the fed. if wed be more worried sat here a year from today and the fed did nothing. mario: if the rates go up sharply you would have a correction. that would then work its way through the system. the marketing has an increase in rates. i think there is a limited margin in the safety of the markets.

betty: he digs through all the data. mario: i got the legg mason. i went to see a company in new jersey that i prefer not mentioning. always finding things that are good. in the next week there are three or four companies that will be spun off. operationerican cable . there is a broadcasting business. talk about 14 candidates for president on one side of the ledger. it is phenomenal. michael bloomberg is running? number 17. lee: i have a very large position in dish. i have had it for a long time. i am a very big fan of charlie ergen.

him. a kick out of these 20-year-old analysts are trying to second-guess the guy. up to 20 billion. and the guymart doesn't write for the shareholder because he owns a big chunk of the company. betty: we sat down with charlie ergen after years of sitting -- after years of going after this man. i want you to listen to what he said about that. charlie: there are a lot of positives. they have done a fantastic job in being the upstart company. john's team has captured the imagination of the public in terms of attacking the pain points in the wireless industry. their network is similar to our spectrum. .t fits in that sense

their growth rate is going to need more spectrum. lee: -- mario: there is no question they have acquired assets. in the world we are living in in , it is a of economy cheap stock. he spinning couldn't off his spectrum? and you see the stock climb? mario: he wants to use it. spectrum has no value if you haven't used it. there's an economic purpose and those who are needed because a growth in data.

charlie is the center of the okra strut -- of the orchestra. betty: how about you? lee: i'm surprised they split the company to 22 separate the spectrum. there may be tax issues. you probably couldn't do anything for a couple of years. the industry is moving very fast. you have to accept the notion that the man is very smart. he has built this company and will figure out what to do. maybe there will be a competition. i'm willing to bet on charlie rather than some 21-year-old analyst who can barely make the payroll. coattails bid he is very smart and has major investments. there's nothing wrong with that. more ahead, is much because there are people who want to ride your coattails on investing. mario gabelli and lee cooperman staying with me.

we will be back in two minutes on the bloomberg market day. ♪

betty: we are back with hedge fund advisers lee cooperman and mario gabelli. you mentioned all those candidates from the republican nomination. as if we needed any kind of reminder how hedge fund managers or the 1% is viewed, remember when hillary clinton said -- set hillary clinton t

about hedge fund managers? hillary clinton: your paychecks have barely budged. workingny of you are multiple jobs to make ends meet, you see the top 25 hedge fund making more than all of america's kindergarten teachers combined, and often paying a lower tax rate. betty: i know you were interviewed by cnn in reaction to some of these comments. you said to cut the crab. lee: it is a complicated issue. i believe wealthy people should pay more in taxes. i believe in my brother's keeper. do you pay more on taxes on a percentage basis? than the average person? mario: the average person who gets an earned income credit

does not pay much and tax. betty: let's talk about the middle class family. mario: what we need to do is give them more income and -- more earned income tax credits. we need to take and revitalize the notion of the american dream. because hen inducted started with little and has created a lot by hard work and what he learned in the educational system. what everybody should be doing is say we can all do it together. i do think the american way has worked. betty: do you feel it will be different this time around? lee: worse because of the income disparity.

it is not criticizing anyone individual. he wanted to get the economy going. they create wealth and create consumption. the best way to get at it was to get the stock market up. 80% of the stocks are owned by a handful of the people. the feeling is the entire burden of dealing with the significant financial crisis that began in 2008 has been put on the doorsteps of the central bank. betty: but you blame the central bank. no jobs, program. infrastructure, how do we create the infrastructure with a fundamental dynamic and helping many of those that are

structurally unemployed? drive around anywhere in terms of roads. lee: consider instituting a gasoline tax because of the windfall. offshore andllars levy technology companies laying there. tobe give a tax construction. we are doing everything on the monetary side and nothing on the fiscal. which is a problem. betty: you said this a while ago. you had written a letter to obama, then you got audited. lee: who we have the same value system. columbia was 50 years ago.

they gave me an award that was very nice. anything mario gives me -- basically we both started. he was in a section of the bronx. i was in the south bronx. the only thing that has changed was the color of his hair. mario: how long did it take to get this color? betty: you both speak out a lot. but do you worry about speaking and that could raise the higher of the government? mario: there are -- there is no question there are groups who don't like people who speak out. it is what it is. the good news is you can do it here. betty: speaking of the income gap, the fcc might be issuing a

rule in the next few weeks where they are going to ask public companies to publish the ratio between how much the ceo earns to the typical worker at their company. helpful? mario: investors are not focused on that. they would like to know if you have -- instead of the gap standard and international reporting system standard. it is a living breathing document. if the regular readers want to have that they will report it. basically reading on the processes they know what they make. lee: my reason for writing to the president's he was creating an element of class warfare. he was trying to tell the 99% people that the 1% is screwing

them. the 1% i know has been extraordinarily generous in giving back. whatever i say about myself i can say about mario and 50 friends of mine. they got lucky and made a great deal of money and they are giving it back to the system. that is the american dream. that is what we should emulate, not criticize. clinton's commentary is inflammatory. it is class hatred, class warfare. 99% are not going to prosper if you drag down the 1%. up tove to bring the 99% give them opportunities through education and things of that nature, -- of that nature. betty: has it gotten less fun? let's say we go through another round of criticism in this election and another round of top or regulation and the markets go kaput and it is just like 2008 again.

mario: notwithstanding the point that we like to compete on behalf of our clients against the best minds in the world. ted williams was the best hitter of all time. lee: i have a kid that competes with me. i have teed kids. he has his own term. -- own firm. you touch on a very important subject but it is not an easy answer. we would have to spend two hours developing it. betty: we are having lunch so let's talk about it then. lee cooperman of omega, mario

gabelli. will be back on the bloomberg market day with much more after the commercial break. ♪

scarlet: with greece, that drama continuing. we are seeing the selloff even here in the united states with all the major averages down at least 1.4 -- at least 1.25%. the governor telling the new york times that that territory may not be able to repay its debt. i want to take a look at an overnight trajectory of what we saw in the markets.

see the big gap in the futures we have worked backed up from those levels. then you see the yellow line, which is a regular cash session of the s&p 500. even as we approach the lows we are still not down by 2%. anything concerns greece may have overstepped that break. could be heading toward default. much more ahead. . .

in san francisco, 1:00 in new york, and 8:00 p.m. in athens. all eyes are on greece as

germany and france have declared they have done all they can to avert a greek exit from the eurozone. banks and markets in -- and markets are closed in athens. we could be days away from the default. we will have the latest. betty: diplomats in indiana -- may be close to reaching an agreement with iran. we will look at what a deal could mean for oil prices. >> wimbledon is underway on the outskirts of london. we will look at why membership in the all england club is one of the most exclusive in the world. betty: good afternoon. i am betty liu. >> i am mark crumpton. today markets are falling . investors worried about fall