talk to the only american creditor who has been in talks with the great government. matt: dish network and t-mobile put things on hold. when, if ever, will a deal get done? mark: how the head of wall street's -- one of wall street's largest banks made it to the three comma club. i love that. here with mark crumpton. mark: it has been a tale of the nasdaq. came out andrnings google went to the all-time .5 oflook at nasdaq, up 1%. two classes ofs

shares, the a class and the z class. they trade on the index and they are both calculated there. the dow and s&p down little bit. at .1 ofhe s&p, down 1% at 2122. take a look at treasuries and the action we see in the bond market. we saw inned action the 10 year and more buying in the 30 year. another theory -- day of falling yields. take a look at the euro. and notdown below $1.09 much movement still. 108 .49 is the trade we see. mark: let's take a look at the top stories. german lawmakers gave their approval to opening detailed negotiations with greece on a new bailout package. the proposal carries a 38 --

three year it package. the chancellor spoke in favor of the bill now. >> and other that have doubts and worries about whether this way will be successful, whether greece has the strength to permanently go down this road, and no one can white beside those worries him a but i am firmly convinced of one tank. we would be grossly negligent, even irresponsible if we did not at least try this road. with the promise of help on the way, greek officials announced the country's banks will reopen on monday. they were closed 20 days ago. greeks were allowed to draw less than $70 a day from atms. the great prime minister was watching the vote in germany from his office in athens. he reshuffled his cabinet, replacing three government officials, but he will keep the finance minister in place. his party's entered after this week's vote on severe cutbacks

that creditors demanded. 38 members of the syriza party dissented, including two cabinet ministers. if the fiscal crisis is not hard enough, a large brush fire interrupted near athens. it pushed clouds of smoke into the capital. tonce will be sending planes help fight the fires. matt: consumer confidence to klein in july. they were risks that global prospects will dim hopes for the economy. 96.1 in june. consumers remain up eight about employment and wages. arriving aices are slight increase in inflation. the labor department reports it -- the consumer price index rose by .3 of 1%. food andase is .2 when energy crises are factored out. prices at the pump rose 3.4% in

june on top of an increase in may. gas prices are rebounding after hitting a bottom in january. constructione in of apartment buildings is giving a strong start to numbers. housing starts climbed by 8.1% a rate of 1.2 million homes. all the growth came in multifamily units. the biggest jump of such building in 28 years. builders expect the improving economy will bring a new wave of renters but starts for single-family houses slipped. housing starts nationwide have have risen 10.9% so far this year. mark: there is help available for struggling chinese shares. one company had 483 billion to support the stock market. severalvailable from

avenues. the funding is to offer liquidity support and purchase stocks and mutual funds. some senior executives at deutsche bank were single that for criticism by a german regulator. it said in a letter that management failed to prevent and adequately address the attempted manipulation of benchmark interest rates. it had doubts that two key lieutenants to the former co-ceo were unaware of the way rigging. jane oversaw the bank when the manipulation attempts to place. play today att of the british open was held up or more than three hours because of rain. llett started -- wi at 12 under par. dustin johnson and jordan spieth will probably have to wait until tomorrow for the chance to catch him. we are looking at a heavy rain

picture this morning. i was walking and it is quite sunny. things have cleared up after the squeegeeing of the course. tiger woods is still off his game. mark: coming up in the next half hour. espn is hitting big on talent. we will tell you how much the sports network is saving on its most recognizable names. matt: lloyd blankfein, the ceo of goldman sachs has seen his net worth the search to $1.1 billion from the bank's ipo. mark: we are getting a take on the global headwinds from greece to china. all that and much more coming up. matt: same seem to be on track for greece right now. lawmakers approved new austerity measures. the ecb boosted their emergency funding for banks and germany

voted to start bailout talks. mark: debt relief is one of the issues that still needs to be addressed. umes.ng us is hans h always good to see you. how much exposure we talking about? ins: we have been invested greece since the first restructuring. we have added an trimmed exposure last week amid some of the bigger moves. banks andolved in the sovereigns. it has been a bit of a roller coaster. matt: we spoke with an invested -- investor who has been meeting with greek inc. leaders and he says he thinks it is an incredible investment opportunity starting now. is it time to back up the truck, is this the trough?

hans: there is room -- very little chance they can write the stuff down. when you saw some of the sovereign bonds trading at that rate, you back up the truck. there was not that much liquidity. that includes some of the stuff they will have to do for the banks and there's a chance you may have to have some form of nationalization. eu entities may be nationalizing the banks. buying bank stocks will work out but you have to watch some of the developments. mark: what has been going on with the banks, with the capital controls, with the banks being closed, how is that affecting your strategy, if it all? are: when capital controls announced you will get the selloff in assets. it traces -- freezes you.

if you are directly involved in the stock, you're there. the bond trading, that was fine. the apprehension and the fear created very little market volatility. matt: capital controls will have to stay even if a -- they are loosened. otherwise there would be an instant run on the banks. optimism seems pretty -- the greeks seem fairly optimistic according to reports we're hearing. in germany, they are less passedtic though they the legislation. what are greece's chances of staying in the eurozone is to >> i think he stumbled and made some bad decisions. wasing the referendum ultimately not the bad -- best thing to do.

this guy floated the idea of the temporary timeout in a one-on-one meeting. he has been intent on pushing the greeks out and the amount of noise that he continues to bring in in the midst of reconciliation blows me away. matt: it seems like he wants to do what is best for greece because he wants to be able to erase all their debt and he says you cannot do that wild they are still members of the currency. he wants to take them out for a and maybe bring them back later. describing is a way for him to prove he is right. this was his design and he has been jamming this forward. he destabilize discussions by forcing this issue to the point where it is on the table. the second most -- he is the second most element of destruction. his rationale that you cannot do

debt relief is not true. you can do it and leave them in the union. mark: the question we have been asking some folks that have been coming on is why hold it if you're not going to do what the people wanted you to do? the prime minister was clear when he was elected earlier this year, no more austerity, it is killing us, it is crushing us, some of the creditors seem to be intent on humiliating us. and then you had this referendum. the people say they do not want a toughened austerity measure and then they have a toughened austerity measure. strong forcesre that wanted greece to leave as soon as the syriza government came in. what they found, what i have heard is the deal that cap being given to them was the original memorandum.

i think he panicked, went back, announced the referendum. not everybody and his team was aware of this. the one upside is it gave him enough breathing room that the deal would pass. going to be debt reduction, or relief, what form do you think it would take? we heard that may be no more principal payment for a few years and then spreading the payment out like 60 years. mark: is that realistic? hans: it has been done already. of imf is a big component nominal reduction principal haircuts. they are backing off of that now. you are seeing a little bit of this discussion on ukraine restructuring. the solution to this has always been relatively simple create we are getting there. the eu needs to look about what they are going to do dealing

with crisis going forward. they are just making it up and we see it does not work that well. great inside. thanks for joining us. espn cuts theead, talent. how much the network is saving on its biggest names. ♪

mark: welcome back to the bloomberg market day. matt: julie hyman is taking a look at the markets. let's take a look at some

unusual moves in the market today. what we in terms of normally see these stocks do and i have to start with google. we have been talking about google a lot but it is worth talking about. the shares up the most in one day since 2008. 16%e are the a shares, up create and helping contribute to the gains we are seeing in the nasdaq, s&p, and the dow which are falling on the back of the willue rise. the company exercise expense management and prioritize revenue growth in the -- and the markets liking that commentary. because of the gain we are saying and the size of it today, that means the company's two founders are adding to their at -- net worth. each adding $4 billion. $8 billion added to these

gentlemen's net worth. year, their net worth has risen by $7 billion as we have seen google shares rise by 20%. other unusual moves include the move by etsy. this is almost a throwaway line. developers are seeing a boost in traffic as a result of deep linking. that comment alone is causing shares to search by 20%. you have to consider the short interests in tetsy. the stock has gone up a lot. 46 percent of the float is sold short. when you see a big surge, you have people who will start to cover the shorts and push the stock up even more. that is one of the reasons why we're seeing such an out size

gain in etsy today. matt: thank you, julie. putting things in perspective. fine - about lloyd blank . mark: groupon is acquiring order up. the purchase of the mobile for marketplace signals it is ready to take on the likes of grub hub. side topes out metropolitan areas. the online forum will continue mentsen comments -- ban com with calls to violence. reddit fromreins or

alan powell who resigned. people host to the negotiations say there is this agreement about valuation and structure. acquire t-mobile u.s. from deutsche telekom. those are the top stories of this hour. saving $10 million by getting rid of some of its most recognizable names. they will let go of bill simmons in may. it did not renew keith oberman's karen cow -- colin coward -- cowherd. like $10 million which mark: goldman sachs and made

hundreds of partners rich when it went public in 1999. its performance since then has turned lloyd blank fine -- lloyd blank fine into a millionaire. the talk about his right to the top. >> he has been the executive there among there for 30 years, he had a big stake in the eye po. -- ipo. the shares have quadrupled since the ipo. he has written that to the top. >> this puts him in with jamie dimon. calculations are fairly conservative so they may be higher than even we had pegged them at. >>, so that billion dollars has come in the form of directly compensation? have -- he has gotten a

lot of shares in compensation so he has and if it it awarded the shares and then the shares appreciating. basically his wealth comes from goldman sachs, whether it is through cash bonuses, stock amount or investing in their private equity. probably ary is child -- a tiny amount. $6,000.alary is matt: are there any other ceos beside jamie dimon? >> not that we have identified. they have stuck around the longest and being as successful company where this is like the aposite of dick fuld who had ton of equity in lehman brothers, most of which went up in smoke. bloombergide of this wall street bubble we live in, a lot of people will see this as

another headline. another banker gets uber rich and that is a problem for society. how does goldman sachs react to that? >> they view this as you are careful and you white -- you work hard and you tire self to -- tie yourself to the company, they really value they callership, their top people partners. this is about the size of the loan that cyprus is looking at. >> they like having people tie their net worth to the company. >> you interviewed lloyd blank blankfein. that someones

could become a billionaire working for shareholders. it makes you wonder about the balance of rewards between employees and shareholders. that was earlier this morning. i tagged along as well. going along with the company and then look at where you are at. from very humble beginnings, that he pointed out earlier in south africa. if you make that type of money you must be working hard. i am out of here. enjoy the rest of your weekend. matt: it has been a pleasure. the global headwinds from china to greece. ♪

. . .

matt: welcome back to the

"bloomberg market day." i am matt miller. we want to look really quickly at the tesla shares and we heard that elon musk was going to hold a conference call and announce something special. he talked about making a cheaper model company -- cheaper model, something with a rearwheel drive. he is now introducing the tesla in sayingt only with speed but with ludicrous speed and it can go 0-60 in 2.8 seconds. 2.1 g's.-- it will be so it will be faster than falling from a cliff, basically. horsepower, and when it is an ludicrous mode it

will have 712 horsepower. federal authorities are not talking about a motive yet in the attacks that killed four bank marines in a tennessee. rs are interrogating the mother of the suspected shooter. he was killed after yesterday's rampage in chattanooga. the shooter was born in kuwait but was a naturalized citizen. two women were led away in handcuffs and the suspect's name was not on any federal watchlist. a federal investigator was also wounded in the attacks. the attacks were apparently two military officers. the shooter did not have any criminal history. -- tropicalestern storm swept across western japan. the main japanese island

of honshu. busheorge herbert walker after a fall. he has a fractured neck bone. reports say that the president does not have any neurological lostrments and has not consciousness. he is 94 years old and is the oldest living former u.s. president. hillary clinton wants to win of the election in 2060, she mr. obama. rely on obama is relying on the so-called obama coalition. groupy two thirds of this --l favorably compared favorably about obama compared to only half towards mrs. clinton.

obama will say a special goodbye to "daily show" host jon stewart. stewartsay goodbye as the showbye and hands over on august 16. those are just some of the top stories we are following for you. coming up in the next half hour on the "bloomberg market day," it is the quiet story of the summer, really, are there any bulls out there with commodities as they implode? surging, does it have anything to do with google? iswill talk up -- etsy surging, does it have anything to do with google? we will talk about that. mergerish and t-mobile

is on hold. we will talk more about that on the "bloomberg market day." and hashing out the details of the $93 billion aid package to greece. earlier today, pimm fox spoke to adam posen, the president of the peterson institute. they started to look at the leadership of the european central bank. adam: i think the european central bank, under mario draghi, but also under others has shown a lot of good balance in the last year. were keeping banks open in greece, but that was actually in line with their mandate and in line with good practice. they couldn't keep putting money in because all of it was going to leave. they had to show what was going they areirst, what

doing is quantitative easing and trying to get credit inflation up in the area, and that will extend to greece again. secondly, they are no longer trying to directly threaten the government. again, the radicals in greece and others in germany have pretended that the ecb was helping them, the germans, but germany was trying to stay out of it. i think this was a positive move on their part as compared to a few years ago, for example, where they were seen as attacking berlusconi. i am no fan of berlusconi, but it was not good. m: talk about the issue of trust in the eurozone? to be very is going much in eroded here. again, we can all tell stories from me and from your reporters and from those who talk to people in the room at about how ill-prepared and can struct of -- and unconstructive and

combative the greek leadership was, but if you look at a lot of the other northern european representatives in the room last week, they were so angry and so self-important and demanding over what is supposed to be a sovereign fellow nation, it is just very hard to imagine that if you get into difficulties in europe, that these groups will work together easily, and much more importantly, going forward, how do you build an ever closer you when -- closer union when you are creating all of these divisions in europe? and how you deal with things like ukraine with russia's advances and where everyone has to take their share of migrants in a world where you are beating up on each other? it is not good. pimm: adam, is it good for great britain? adam: again, a very good point, pimm.

i always say that even though i believe britain was right to stay out of the euro, they are also right to stay within the european union. the question is, is there going to be anybody else in the eu and not in the euro besides them, and is the eu going to be dominated by euro dominant countries? i think the answer now is going to be that there are more countries waiting to get into the euro and holding off or at least the idea that there should be eu membership without the euro. buthat is good for britain, on the other hand, this shows the way that the french and the germans in particular are driving decisions and if that is going to centralize things more. the only way that the euro area they look at the long-term goal. so i am not sure if this works for britain in the long-term. pimm: does this work for the international monetary fund and christine lagarde? that theelieve

international monetary fund should be looking at ways to get out of this. they should get their payment of the money that they are due, they should return their funds to their members and be ready for the next crisis. be in thed not long-term monitoring of greece, partly because this really is about settlement of debts within the euro area, it is not really an international issue, partly because it is about the money involved, while necessary for greece, are very large compared quota and sort of unpaired -- otherf unfair compared to members of the eurozone. the leadership of the imf have tried very hard to fight back, given that the euro area wants the imf's expertise and wants it to be a scapegoat when the intimate things. people are complaining about the mf havereas the i been making a moderate proposals

to greece rita -- greece recently. , theythat was adam posen president of the peterson institute, joining us. surged today, at one point up more than 35%. what is behind this surge? could it be at sea's ipo -- etsy ipo? we will be right back. ♪

matt: welcome back to the "bloomberg market day." i am matt miller. there is another greece crisis to talk about, there is a pork shortage causing shortages of grease and large.

the restt is basically upon i have ever heard on the "bloomberg market day." pig-fat a glut on battering european farmers. ast is creating a problem, asia doesn't want fatty pork shoulder cuts, and they don't want pork sausages, and that is a russian special, so they are not buying. matt: i noticed prices started and what cant 15% you do about that. african cc flyan disease? fly yes, and therex:

are rising feed costs for the farmers, so they are getting squeezed on all kind of -- kinds of ends right now. always searching for humanely raised bacon and it is really hard to find. alix: they don't allow gm owes -- gmo's in europe, so it will be very hard to find. matt: i want my pigs to be able to run around in a field. alix: yeah. matt: so your specialty is stock prices as compared to pigs. the: yeah, so we did get friday special at 1:00 p.m., and it was down by six, and this is the first time it was down by three weeks. that is very significant because

we had an increase across shale caveat,d there is a where some areas increase by three, but if you are not in the balkans, it did not increase, it declined. matt: now i got a flood of e-mails in my inbox as to why ago is so great, but the prices are still going back down to precrisis levels? alix: lowest level since 2010. i will say it again. the lowest level since 2010. reserve on federal the cusp of raising interest rates, the dollar is up at about 6% this year, told is up about 3% this year, and this is wreaking havoc all across the industry. matt: if you look at it, it really is looking pretty bad. dropping tond it is

its lowest level since 1991 due to the correlation with gold prices. fundamentally, we heard -- matt: that is dramatic. alix: a lot of people watching that is -- matt: dramatic. a lot of people watching probably weren't even born in 1991. alix: well, i was. anyway, gold was raised in the seemsix years, and it like a lot of analysts had been expecting a bigger by from china as there was a little bit of disappointment there, however, china could probably buy some more. central bank buying has been a huge supporter. matt: we heard from j.p. morgan's bob michael saying that there is no inflation risk, you don't need gold as a safe haven right now, and the problems that we are looking at in greece and china have been relatively well

contained. alix: if yield start to move higher and they start to move in positive territory, that will become interesting. what i should point out that bank of america pointed out that gold could be on the cusp of a full market for jewelry demand permit so think about that as you decide to invest in gold today. matt: all right, alix steel, think you so much for joining me. we are going to take a quick look now at the news stories crossing the terminal right now. google said that for the first time one of its self driving cars was involved in an accident that caused human injuries. a car was rear-ended in google's home city of mountain view. three google employees on board a plate of minor whiplash. they were checked out at a on board complained of minor whiplash. they were checked out of the

hospital. if you see a robot trying to hitch a ride on the side of a road this weekend, go ahead and pick him up. he is a robot created by canadian researchers trying to hitch a ride and relying on the kindness of strangers in the u.s. he begins in salem, massachusetts with the goal of ending up in san francisco, california. he hopes to stop in times square, mel rushmore, the grand canyon, all of the places that hitchhikers typically like to stop. and a hotel is operated by robots, from the receptionist in to the guests bellboy. the hotel is manned almost entirely by robots to save on labor costs. if you are hungry, a drone it will serve you a snack. it is called the weird hotel. wow.

those were some interesting top stories that i was not expected to reach a snap to get another thing we are not expecting today is that we are expecting to see etsy soar over 35%. it had the highest climb in the day since the company went public this year. it has the highest stock price since may. or more, i want to bring in alex brnka. -- alex alex: developers are also seeing an increase due to deep linking. now the shares are up 39%. compare that to the 88% they were on the day of the ipo. it is a really big jump for them. there is a lot of shortselling of the stocks, but this has been a very momentous stock to

pay attention to. matt: how important is that from a retail perspective, ebay is where i feel a lot of at sea business could get done, but people making sweaters and selling them, is that really a big business? is a it is, at sea -- etsy little bit more than a $2 million company. something quirky from reclaimed wood hanging on your wall, that is where you go. so they don't rival so much the amazons of the world, because if you are going to go to etsy, you will go there for something with a more artistic feel. matt: after searching, they've got to really search and impress those investors that they find? they and that is something haven't done. if you looked at their first public earnings report, shares were down that day, so they have seen this kind of very fickle

public market for their shares. they are trying to expand overseas and their spending a lot of money to push into those european markets. matt: by the way, what are deep links? google says it is getting a lot of action from deep links. alex: when you search on your phone and are looking for a dog google toou go to search, but if you look through the at sea -- through the etsy app, you will give them a deep link. matt: thank you so much, are dish network and t-mobile throwing in a towel for good? details are up next. ♪

merger talks between t-mobile and dish network is losing its signal. -- wereere learned worried about valuation so talks are on hold. joining me now is alex sherman. the interesting thing that i think is that there is a window where you kind of have to get this done or else you are not going to be able to see them talk for the next few months. alex: that's right, there is the 2015 spectrum options both t-mobile and dish network participate in. it is not known exactly when this point is at that stage -- at this stage, but over the next few months, there is going to be a quiet period that kicks in where companies are not allowed to talk about buying spectrum because essentially they could collude and rate the auction -- rig the auction. are not one entity at that point, they are two

separate entities, they are going to take part in that auction for the spectrum fccless, and the sec -- is going to say, hey, you guys can't go to each other's houses anymore. alex: exactly, it would be illegal. so basically the idea here is that they have to get it done in the next two or three months, and based on a reporting, there is no momentum in this deal and it is looking less and less likely that this is going to happen. matt: what are the basics here? alex: so the basics are that dish would have to pay in cash and stocks, some split between the two because dish cannot afford to buy it. it can't afford to buy t-mobile off. matt: this is about $32 billion or $33 billion for t-mobile? alex: exactly, so dish would have to pay somewhat in stock, so deutsche telekom would have return throughn

it dish's's stock. the problem is that dish's's stock has really run up in the last year or two because of these spectrum buys. so when you put that spectrum into use, you no longer have the value associated with that spectrum. wants. is what everybody matt: so this is what everybody wants but nobody wants to do it? alex: exactly, so they can purchase a paid in the auction and get some wireless spectrum, or deutsche telekom could buy the option and wait 12 or 18 months and see if another bidder comes along to challenge dish, like sprint, and it was pooh-poohed by regulators last could do aybe they deal in conjunction with other u.s. cable companies to buy t-mobile and have a national

mobile network that you could tie into your broadband network. matt: the good news of the story is that t-mobile needs of this spectrum because it is experiencing really strong growth, right? alex: all of the wireless companies need spectrum. they don't need spectrum right away, but john ledger pointed they wanted t-mobile, and we have a clip where emily spoke with john ledger. were dish, iif i would be panting at t-mobile, but we have multiple options of what we can do, including what we are doing right now, and we are doing it damn well. that disht is saying is panting at t-mobile, t-mobile is not panting at dish. you so much,hank alex sherman. we will be right back. ♪

matt: it is noon in san francisco, 3:00 p.m. here in new

york, and 3:00 a.m. in hong kong. alix: this is "bloomberg market day." matt: we are joined by ceo of the utility giant con-edison. and: and after -- alix: after 15 years of marriage, paypal and ebay are going to split. arabia, the saudi changing food cold your is becoming a big problem. ♪ matt: good afternoon, i am matt miller here with alix steel. alix: let's go straight to a look at the markets on this friday. oh yeah, we're looking at a record a couple trevor google,

but we are looking at a four day winning streak for the nasdaq, it i