iranian nuclear deal. we will speak to an investor who monitored a senate panel. betty: john kasich throws his republicancrowded ring. been five years since the dodd frank financial reforms were signed into law. what they have accomplished so far as the volcker real goes into effect today -- rule goes into effect today. mark: good afternoon, i am betty liu. .etty: i am mark crumpton let's take a look at the markets. dow jones industrial average. united technologies, ibm all reporting weaker earnings that dragons out lower.

down nearly 205 points at this hour. is lower after closing within three points of a record yesterday. the broader market has been stuck in a 90-point range since february. the nasdaq is also lower. gold is trading lower right now, down a little more than .10%. for the first time in seven sessions, however, admit declines in the dollar in crude oil climbing from a three-month low in new york with the dollar slipping for the first time in five days. nymex crude right now trading at $50.46 a barrel. betty: you can imagine treasuries are rising. down fromar coming its highest level in almost a month. investors seeking that save haven status.

finally, in the currency market, the dollar is the start today, weakening for the first time in five days against the euro. that is pushing up commodity prices. some top stories crossing the bloomberg terminal at this hour, another tough quarter for ibm. big blue reporting falling revenue for the 15 quarter in a row. the ceo has been trying to overhaul ibm to be a seller of cloud computing technology and data analytics. she has tried to cut costs but that has not been enough to offset declines and other businesses. a shakeup in toshiba over an accounting scandal. the top executive is out and the company will have to restate their earnings for the past six years. we have the story from hong kong. >> or shiva announced after the closing bell in japan that the president and his two

predecessors will resign over the company's flawed accounting practices in which it is alleged top executives set unrealistic targets and delayed booking losses. happeninggnations are immediately. a number of other executives will also resign and a new management team will be announced in august. toshiba has pledged to correct their earnings by $1.2 billion. its share price rising 6%. betty: toshiba makes nuclear reactors, home computer chips, and other items. lawmakers here in the u.s. and in iran must sign off on the nuclear deal. it calls for the islamic republic to abandon making atomic weapons, if it wants sanctions lifted. despite the agreement, iran supreme leader says his country will not stop their proxy wars in yemen and lebanon. secretary of state john kerry calls that worrisome.

>> i don't know how to interpret it, at this point in time, other than to take it at face value, but that is his policy. i know often comments are made publicly and things can evolve that are different. policy, it is very disturbing, very troubling. meanwhile, the iran foreign minister defend the plan as it was presented to his parliament. he said it was the world powers and not iran that, in his words, caved in the talks. president obama is thinking china for helping to negotiate the deal. china was among the world powers that took art in the prolonged talks. the european union's economy chief is pushing germany over debt relief for greece. he says greases european creditors have agreed to ease repayment terms if the government can deliver on the terms of its bailout package.

that contradicts the position of angela merkel who said over the weekend that debt relief is mainly an option to be considered later. the possibility of a greek exit from the euro may be back on the table next year. almost three quarters of economists surveyed say there is a danger greece could be forced out of the euro in 2016. almost have say the $93 billion bailout package the greeks asked for, will prove to be too small. the federal on reserve board of governors could all be filled for the first time in two years in the senate gives its blessing. nomineet obama's latest is a university of michigan professor. her foreign exchange knowledge will be useful when monetary policies are considered. alan landon is also awaiting confirmation. filled, positions are the board of governors will have seven members. unemployment fell in seven states and were unchanged in 17

as widespread job growth and a shrinking workforce reduce the ranks of the unemployed. ratesile, an appointment rose in 12 states. bresky has the lowest rate at 2.6%. west virginia has the highest at 4.7%. the overall on employment rate is 5.3%. mark: an outage for itunes and the company new music service. the interruption lasted more than two hours. meantime, apple releases earnings after the bell. investors will have to dig a little to find out how many apple watches were sold. sales will be included in the other products category. last week a research firm suggested that sales have pollen 90% since its debut. china,swift is taking on teaming up with the country's second-largest e-commerce company to sell a fashion line design specifically for chinese shoppers. jd items will be sold on

.com. script has a concert scheduled in shanghai in november. as we mentioned earlier as of today, the volcker rule, the part of the dodd-frank regulation that curtails risky proprietary trading by banks, is in full force. after five years, is dodd-frank fulfilling its original promise? >> if a large financial institution should ever fail, this reform gives us the ability to wind it down without endangering the broader economy. rules to will be new make clear that no firm is somehow protected because it is too big to fail, so we do not have another aig. betty: some lawmakers are saying no. texas republican jeb hensarling wrote an op-ed yesterday. too big to fail institutions have not disappeared.

big banks are bigger, small banks are fewer, and the financial system is less stable. meanwhile, the economy remains in the doldrums. with me now is fund manager thomas brown who invests exclusively in financials. good to see you as always. i know you have never been a huge fan of dodd-frank, but are the republicans being too hard on its effectiveness? >> i don't think anyone can tell us whether we have two big to fail. if the conditions are that right , that an institution is that threatened, it will be a systemic problem again, and we may have to do the same thing, which is to save the financial system, not save an institution, but the financial system. mark: what are the bank ceos telling you? >> wah, wah, wah. betty: we cannot make our targets -- go ahead. >> it depends on the size of the

institution. the largest banks are crippled by the regulation, stress tests. the small banks, less than 10 million, are complaining that they are being held to the standards of a $10 billion bank and should not be. yesterday, jack lew, thesury secretary, marked anniversary of dodd-frank and said while the regulation of all nations really 7000 banks was improved by reform, only the 31 largest firms, those the $50 billion in assets, are subject to enhanced credential standards. >> he is true about that. bank, for$3 billion example, you have a chief credit officer. now you are examined and the regulator says you need a chief risk officer as well. so now they are forced to add another player. that is not required of a bank until they get over $10 billion.

it is the best standard so they apply to the smaller's. mark: if not dodd-frank, then what? i am sure you are not of the opinion that there should not be some regulation, but in your best guess, what would that look like? >> a lot less. it requires the regulators to issue 400 rules. five years later, they have only issued 60% of those, only proposed another 20%. the law is so complex that the regulators after five years cannot propose the other 20% of the rules. we have to simplify the system. betty: you hit the nail on the head at the beginning. ifreally do not know dodd-frank has worked until we get into the same situation as 2007. -- weare many of these could argue until we are blue in the face about whether they are necessary or not, to rigorous or

not. we will not know until we have to pull those triggers. >> that's right. is boeing too big to fail? they are.gue they are not in any financial difficulty, but the conditions could come about that we would not let such a large u.s. defense contractor fail. you don't know the circumstances. we can say the banking industry has a lot more capital, and we can say -- betty: $600 million more in capital. >> don't talk to me about whether that is too much. know the old saying, you do not wait until it rains to fix the roof. if we do not know whether this is working unless we have some other domino affect of a financial crisis, the fact that we have not had one in five years, what does that say? roof thatonly have a we have any astrodome covering. strong protection. the big banks essentially

doubled their capital ratios from 2008. betty: what would you change? .> the volcker rule none of the problem we had in the financial system had anything to do with the volcker rule. that is a fluke of nature. betty: prop trading had nothing to do with it? >> not for the banking institution. you may be talking about aig, but not for a regulated bank. , it is toss tests elaborate other process. what we found in the last cycle is modeled do not work. we had a risk-adjusted model that said he only needed half of the capital applied to mortgages that you need for a typical loan. that was not a good idea. so we are thinking the stress test are more exact than they ever can be. we are just bending too much time and money on it. betty: great to see you, thank you for talking by -- stopping

by. mark: coming up, how much is donald trump really worth? we will talk with the author of the book "trump nation." it is difficult to tell even if you have behind the scenes access to the trump team. ♪

betty: welcome back to the bloomberg market day. let's go to julie hyman who has a look at the markets and movers. harley davidson standing out today. hog is bringing home the

bacon come in the words of my producer today. second-quarter profit topped estimates and importantly, stuck to its forecast for full-year motorcycle shipments. there was some question about whether it would do that for the full year. toecting to ship 200 62 5000 281,000 motorcycles. outlook inback its april because it did not want to match competitors discounts. the ceo said we have had a tough time with price competition in the motorcycle market. also looking at tesla, a lot of downgrades recently, the latest coming from ubs, cutting it to sell from neutral. the analysts also cutting the price target to $210. the analyst talking about challenges, including increased competition, rising costs, and funding needs. shares are down 5%. i wanted to look at the bloomberg terminal at the anr

function, which maps of analyst recommendations. beige iss sell, neutral, and green is by. creepingeen the sell up again, 21% of analysts that have that rating. buy ratings going down. sentiment is the worst since middle of last year. even as we saw sentiment worse at other points, the stock continues to rally, up about 80% since the beginning of 2014. hasbro. yesterday the stock was trading at a record following its earnings. it was up about 6.3%. today it is falling, has gotten a bunch of downgrades, among them from bmr and piper jaffray. both talking about valuations. even though they are long-term on the company, they say given the gains we have seen, they cannot justify the valuation where it is currently. also in terms of stocks we are

watching, one of the big ones that has been down a lot, ibm. the company falling after yet another quarter, 13 in a row, of declining sales. sales were down 13% coincidentally. we have seen all of these old, big tech companies making the transition, many trying to get into the cloud. in the case of ibm, that transition has not been an easy one. betty: hard to steer the titanic. that is what it is. hopefully not headed for an iceberg. ok, i will stop. julie hyman, senior market correspondent, thanks. betty: now a look at our top stories. plungingchnologies today as the company cuts its profit forecast for the second time in just over a month. they say demand is weak in the unit that makes aerospace parts

and elevators. the company agreed to sell its sikorsky helicopter unit to lockheed martin. a new kitchen at marketplace with a lofty goal is launching today. looking to take on amazon and costco. there is a $50 a year fee to shop at the company promises a refund if you do not save that much. and an investigation into the explosion of the space x rocket last month. elon musk says a strong and a liquid oxygen tank snapped. the strut was made by a supplier and not spacex. he also said employees have grown complacent since most of them have only known successful launches, and that may have contributed to why they had that first failure ever. that is a look at our top stories. coming up in the bloomberg market day. more news on the donald trump front. and influential newspaper in iowa is calling for him to drop

out of the race, and yet, he is leading the polls. we will talk about that with the author of "trump nation." ♪

>> i found the card. i wrote the number down. i don't know if it is the right number. let's try it. know, maybe it is three or four years ago and maybe it is an old number. 202-228-0292. i don't know, give it a shot. he keeps those numbers on a yellow pad for that long? between thetinues donald and just about everyone else, including giving out lindsey graham's phone number on a campaign stop.

questioning john mccain war record and an influential newspaper in iowa is now calling for donald trump to drop out of the race. mark: the paper has said -- betty: another editorial getting plenty of buzz today was penned by our very own tim o'brien. over the years, he has followed donald trump's rise and fall, and rise again. joining us now. you wrote a book on donald trump. >> "trump nation: the art of being the donald." betty: hilarious piece today. really, how much is this guy worth? >> nobody really knows, i don't know if he even knows. it goes up and down but there is a lot reason to be skeptical about most of the things he

says, including about his own wealth. should point out that mr. trump is known in legal circles -- he sues people. you were on the receiving end of some litigation. >> he sued me for $5 billion, which is about half of my network, in early 2007. mark: why? >> he thought that i lowballed his net worth, citing sources of mine in a book -- in the book, saying that at the time was worth $250 million. a range positive among of different agitations about how wealthy he might be. he felt lowballing his net worth damaged his reputation and therefore his business dealings. we went to court and prevailed. betty: good on you. you mentioned that your your of his net worth. explain exactly the up and down's. it gets down to one statement

he made when we deposed him for two days during the litigation. sometimess net worth goes up and down day today, it is dependent on his own feeling. that is an interesting way to assess your wealth, your own feelings. that i have feelings about my own wealth as well, so i went home last weekend and put , and i feel like i live in a multibillion dollar home, my car is worth several billion dollars, my sons toy collection is worth many millions. aside, thereding is some comedy to this, but this is also serious business. why should people care about mr. trump's net worth, why shouldn't be an issue? >> i don't know if it is his net is what hech as it does with his ability to self promote. this has become an impossibly

destructive moment in the presidential race and within the gop. i don't know that he is a serious candidate. i think he loves being in the limelight. i think you have serious candidates in the gop like john kasich and others, who have announced. i think donald is here because he loves being the center of attention. by the way, that quotation you mentioned in your these, it goes up and done with markets and attitudes and even my own feelings. adding even my own feelings affect my value to myself. we all have feelings. mark: tim, thank you for being here. betty: i think i am worth $11 billion. mark: the bloomberg market day. continues in a moment. ♪

mom has always been one of those people who needs to keep busy. if she's not working in her garden, she's probably on one of her long walks with bailey. she was recently diagnosed with a heart condition. i know she's okay, but it concerned me

she's alone so often. so i encouraged her to get a medical alert button. philips lifeline offers the best options to keep her doing the things she loves in the home she loves. if she ever falls, or needs help, i know we can get to her quickly, and with her condition that can be critical. and even though she doesn't typically go far from home, the button always goes with her. these days, she's still as busy as ever. just the way she likes it. innovation and you. philips lifeline. lifeline is america's #1 medical alert service. visit philipslifeline.com/caregiver today or call this number for your free brochure and ask about free activation. mark: welcome back to the bloomberg market day. of the top stories

crossing the bloomberg terminal at this hour. the republican presidential field is now looking like the starting gate at the kentucky derby. 16 official entrance in the race. the latest to join in the campaign, john kasich. the ohio governor made his bid official earlier today in columbus. you for yourk prayers, for your support, for your efforts, because i have decided to run for president of the united states. mark: he served in common before becoming governor but may not get into the presidential debate next month in his own state. only the top 10 cabinets in the polls take the stage and he currently stands at number 12. diplomat relations between the u.s. and cuba are getting back to normal but that cannot hide the huge differences between the nations.

yesterday the cuban flag went up over its embassy in washington more than a half-century after it was taken down. several hours later, the u.s. secretary of state made it clear that at least for now the u.s. will not negotiate over its naval base at guantanamo bay. noat this time, there is discussion and no intention on our part at this moment, to alter the existing lease treaty or other arrangements with respect to the naval station. cuba's foreign minister says guantanamo bay must be returned to cuba before relations can be completely normalized. staying with, cuba, the vast majority of americans support the newly restored relationship between the u.s. and the communist island nation. we force of those surveyed say that it is a good idea. nike has given ceo mark parker a $30 million stock grant to get him to stay for five more years. .e has been the ceo since 2006

cofounder phil knight has endorsed parker to succeed him hechairman next year when retires. shares are up 46% in the last year. toigroup has been ordered pay $700 million to credit card customers over the illegal practices. was fined $70 million tied to their marketing of products such as credit score monitoring or rush processing of payments. customers were told there were free trials for some products when there actually were not. stop the illegal practices in 2013. over 1000 security officers, baggage handlers, and wheelchair attendants at laguardia and jfk are set to go on strike beginning tomorrow at 10:00 p.m. local time. the airlines who may be affected the most include delta airlines, followed by british airways, and united. matt miller is at laguardia. you have been speaking to some

people there. what are you hearing? tt: i have been talking to a lot of people that work for the company aviation safeguard. one of the main problems is they have not been able to form a union. they had forms one in the past but it was broken up. they want that right and are pushing together with the service employees international union, they also want more pay. i spoke to one man from new york who said he has been employed over 20 years and was still only making $10.10 an hour. they want a raise up to $15 an hour. that is why they are going on strike. at least some of the workers, starting tomorrow night at jfk, and then thursday here in laguardia. i am at the united check-in in laguardia. the question is how much this will affect the day, the average traveler. it does not seem like much. speaking to some managers, they

say if 10 people refuse to work, they will bring in 10 more workers. they have 900 clients at 40 locations in 21 states, so they have a steady stream of workers. you may not even notice it if you travel through here, although you may have slightly longer lines at baggage claim, if you need wheelchair assistance, that may take longer. we are talking about security workers who may check your boarding pass on the way to tsa, people that push the wheelchairs around in case you need it, for people with disabilities, people who work baggage claim. but not all of the aviation safeguard workers will be going on strike. mark: what are they getting paid now and what do they want? of the workers i spoke to are getting paid $10.10 an hour, regardless of how long they have been here, as long as they are doing one of those three jobs. there are other jobs that are different. the sky caps that stand outside

and help you check in before you come in, they get about seven dollars an hour, but they should begin to as well. and they will not be going on strike. they will not take part in the strike. not only will they be getting paid more, but will they be able to organize in a union? aviationou has claimed safeguard is disallowing organizations to form a union, not allowing them to sign union cards. aviation safeguard denies this and they say that workers simply have not follow the proper procedure to form a union, and that they are pro-employee. mark: you spoke to a worker that has been with aviation safeguard for 20 years, what did he tell you? >> he told me it is time, in his opinion, to be able to arm a union. the company for

two decades, had formed a unit in the past but did not work out. words, it was busted. he has been working here for 20 years, believes he deserves more than $10 and $.10 an hour after more than 20 years of work. he showed me the letter that he got from the chief executive of the company congratulating him for 20 years of service. i asked, did you get a bonus check? nothing. not even a raise. $10.10 is the rate he is paid. mark: matt miller, thank you. stay with us. hillonversation on capitol is about the uranium -- iranian nuclear deal. ♪

mark: welcome back to the bloomberg market day, i'm mark crumpton. let's get another check on the markets with julie hyman. julie: stocks are falling to the lows of the session, particularly the dow jones. all three major averages down. the s&p down half a percent. i want to point at some headlines on apple, reporting earnings after the close of trading today. all of its says store services are up and running again. its online store, icloud services were malfunctioning, now are up and running again. of course, we anticipate those numbers after the close. one of the most important numbers will be iphone sales. 48.8 million units is what analysts are looking for the company to have shipped last quarter. i mentioned the dow as the underperformer.

that also has to do with earnings from united technologies, ibm, and verizon. united technologies says it is seeing lower and market demand than anticipated. ibm, 13 straight quarter of declining sales across all units. verizon cut its sales forecast for the full year, even as its numbers for the prior quarter beat estimates and are seeing more price competition from its smaller competitors. we also have to talk about commodities. a different story than what we have seen as of late. a little bit of waning from the movement we had been seeing. a rebound in crude oil. that is being paired considerably now, little changed. gold had rebounded earlier in the day but now is lower. i believe the seventh straight declining day for gold. the dollar also lower, which had been helping other commodities. an interesting chart from dave wilson. you can find that story on bloomberg.com.

an advisor to quest investment looks at the equal weighted index of the nasdaq 100 and s&p. instead of the way they are calculated now, where the larger companies have a bigger weight in the indices, this is as if every stock had an equal weight. the argument he makes is, if you look at it this way, it shows the largest stocks in the major averages are driving the gains this year. he sees this as a bad sign that the smaller companies are not following suit. basically, we made the records in these various averages and that we are seeing worse performance, than if you looked at them on a market-weighted basis. in his eyes, not a good sign for where we are going from here. stocks pulling back at least today. mark: julie hyman, thank you.

has begun agress 60-day put into of debate over the iranian nuclear deal. they kicked off with a senate debate in washington including speakers former connecticut senators and the former director of policy planning at the state department. ambassador risa joins us now from the u.s. capitol in washington. welcome back to the broadcast, thank you for your time. the name of the panel was called blocking iran's pathways to the bomb. was it your contention and that of others who spoke today, that the deal that was negotiated between iran and the world powers, does not do that? will not speak for the other panelists but there are a number of series questions and concerns that arise out of the text that has been released so far. especially concerning compliance, verification, and

the ability to reverse course, should iran because cheating. so is this about trust, or about transparency? no international agreement in my experience is about trust. as president reagan famously said, trust but verify with the emphasis on verified. it has to be about transparency, and the greater challenge for the united states and for our allies and friends around the world is how do you solicit transparency from a regime that has been a master at cheating and retreating on his nuclear program for more than a decade. very mind all of its other troublesome activities in the region supporting terrorism and terrorist groups more broadly. mark: mr. ambassador, the united states does deal with other nations that could be considered rogue in their thinking, the way they treat their own people, the way they treat their neighbors. why does this deal with iran

make such a difference from some of the other countries that we have dealings with? >> in gary, it doesn't be read i wrote a book actually about negotiating with terrorists groups around the world after i left the state department. thedifference here is dimensions of the issue, having to do with nuclear weapons. the sense that the agreement does not curtail iran's nuclear weapons ambition, but rather places it on hold for a limited period of time, while empowering them and enriching them with the destabilizeead and -- spread terror and destabilize allies and friends in the region. is different from other agreements, other bad actors that we have negotiated with over the years. mark: do you have confidence that our intelligence agencies , that they will be able to keep eyes on the iranians, and if

they are living up to the agreement, whether or not they are cheating? you should ask because that is one of the first questions that was asked of the panel. the answer by the most senior iaea inspector on the panel was that it really depends on the scope of the cheating. not every facility is going to be as large as the one we saw at natanz. given the size of iran, given the delay that is mandated by this agreement of up to 24 days before the inspectors are allowed to visit a site, there should be real concerns about our ability to monitor compliance. mark: you mention president reagan a moment ago. if historical context means anything, the threat to the united states from the former soviet union was greater, and we did make a deal with them on nuclear weapons, nuclear arms, the start treaty and such.

could you give me an historical parallel between that and what is going on now, and how the united states was able to come if you will, keep eyes on the soviets and make sure they were not cheating? >> you are absolutely right. the threat from the soviet union was far greater than the threat from iran, but there was a symmetry to the negotiations with the soviet union. we each had nuclear weapons. if the russians cheated, we could go back and build more weapons. with iran, it is an asymmetric threat. therefore, we need a broader strategy toward curtailing or constraining iran's behavior in the region. president reagan never deviated from his belief that the soviet union was an evil empire. he spoke out continuously about human rights, religious freedom and the dignity of the individual, especially in places like the soviet union, where people did not have the blessings of america's freedom. i am waiting to hear from the

administration what the larger policy is reporting those people inside and outside iran who want a democratic representative iran that respects the dignity and human rights of its own people, and believes it should be at peace with his neighbors. we have not seen that from the obama administration so far. mark: is it your contention that perhaps we should go back to the drawing board and written his deal up? if you were negotiating the deal, what would you like to see? who havek all of us been in similar circumstances understand that it is always easy to negotiate in the abstract. the fact is, there are always ways in which any deal can be strengthened. for this one, the compliance measures are the eyesore for me when i look at it. also, the limited time period. eight years for some items, 10 years for others, in terms of constraining behavior. i would like to see iran have no

nuclear weapons capabilities. that was the policy of the bush administration. whether that can be achieved or not, we don't know. but i think there are some things that congress will have to examine and make a decision on whether or not the second -- they can support the agreement. that is it your belief this is a bad deal and threatens u.s. national security? >> i think it is a flawed deal. i would like more time to examine it, especially to hear the testimony from the experts, and personally to get access to some of the secret documents and sidebar agreements that are part of this agreement, before i can make a full assessment. i think congress needs to play its constitutional role and review this agreement very carefully. formeritchell reiss, department director of policy planning. all was a privilege to have you

on the broadcast. thank you for your time. still ahead on the bloomberg market day. why this could be a record year for mergers and acquisitions. m&a is next. ♪

mark: welcome back to the bloomberg market day. we have some breaking news link to that jpmorgan hack. that program is led officials to make securities fraud arrest in israel and florida. julie hyman has the latest. julie: this is regarding the hack of almost a year ago that affected 83 million individuals and small businesses. it has uncovered a pump and dump scheme link to that hack. hassecurity scheme tentacles in russia, israel, and the u.s. four people had been arrested in israel and florida and reveal a complex securities fraud scheme tied to those hacked, not only

from jpmorgan, but other financial institutions. a fifth person remains at large. these headlines just coming across. apparently they were arrested this morning and represent the culmination of a months-long investigation involving several friends who met more than a decade ago at fault of the state -- florida state university. one of them now lives in israel, another is charged with securities fraud in a plan to pump up the value of low-volume stocks. the two people arrested in florida are charged with running an unlicensed money remitting business related to the scheme. a fascinating story bind that enormous hack of j.p. morgan chas and other financial institutions. we will bring you more developments as we get them. interesting. this revealed about one year ago , coming up in august. mark: julie hyman, thank you.

keri geiger has been following the story. thank you for your time. i know you're in the middle of this breaking news. talk to me about pump and dump. old-schoolcommon and scheme. we saw this in "boiler room." "the wall of wall street" could be something like this in various forms. investors would call on unwitting people, get them to invest in the low-volume, most of the time penny stocks. as more and more people come money into these stocks, then basically the criminals then sell those off and profit from the stock they are already holding in it. it is a common securities fraud. when we are seeing now as the story unfolds -- of course, we will have more details -- but you are seeing a pivot away from the old school pump and dump, to

one that now appears to be tied hack of a headache -- big bank. when the hacker broke, what we heard from jpmorgan is, the russians did this. we have information that this was perhaps an overseas thing that happened. developing,this is it looks like there is even more to the story than that. as we go through the indictment and see more details, we will see there is more to the story than just the russians getting in. it appears to be a criminal enterprise. the people arrested today were not arrested for the hack of jpmorgan. they were arrested, some of them not all -- we want to be careful here -- or setting of this scheme with the aid of information related to or linked to various hacks, going in and getting information from banks. mark: the story we have on bloomberg.com and the bloomberg

terminal, it is so well written. it says a modern computer crime tying to college buddies to a multilayered criminal tentacleson with reaching moscow, tel aviv, and west palm beach. as you mentioned, this is not your father's criminal enterprise. is 2015 alleged criminal enterprise. >> you will see a lot of good, interesting stuff coming out of the reporting. we look forward to keeping everyone updated as soon as possible. mark: thank you, keri geiger. it is on bloomberg.com and the bloomberg terminal. four people arrested in israel and florida for revealing a complex securities fraud scheme to those computer hacks of j.p. morgan chase and other financial institutions. officials say a fifth person arrest at large, and the

, the culmination of a months-long investigation of several friends who met more than a decade ago at florida state university and are linked by an fbi memo to one of the largest u.s. bank hacks in u.s. history. of course, we will follow the story and bring you more developments as soon as we get them. coming up in the next half hour, investors will be listening closely to apple's earnings after the bill today for clues .bout smart watches yahoo! and microsoft also post quarterly results. stay with us. those stories and more when the bloomberg market day continues in a minute. ♪

it is 11:00 a.m. in san francisco, 2:00 in new york and hong kong. it is the big one investors will

be watching after the bell. apple is set to report earnings. what to expect from sales of iphones and other products. scarlet: new york airport workers could go on strike tomorrow. we will tell you about the turbulence at laguardia. mark: mcdonald's going upscale for one night. you will not believe their plans for the big mac. this day just got real busy in a hurry. afternoon, i'm mark crumpton. bettyscarlet: let's get a look e markets. afternoon, i'm mark crumpton. the euro markets bouncing back from its slump against the dollar. 9.53 after to 10 weakness last week.