coming up on "bloomberg best," the stories that shook the business world. the panama papers. down hard ons inversions with implications for a big deals. and the fed did discuss a rate hike at the march meeting, but what should we make of the debate? plus, the ims christine lagarde on the serious challenges to global growth and john kerry on the serious opportunities to companies committed to clean energy. >> many jobs created for

companies making this energy conscious decisions. scarlet: the stories straight ahead on "bloomberg best." ♪ scarlet: hello and welcome. i'm scarlet fu. this is "bloomberg best," a weekly review of analysis of bloomberg television around the world. let's look back at an astonishing release on monday, a trove of documents immediately known as the panama papers. >> a new report says world celebrities have used shell companies to hide their wealth. ofording to a group investigative journalists, at least $2 billion in transactions involved were linked to people involved with vladimir putin. >> all these are newspapers lining up with interpretations

of 11.5 million documents. >> that will get your clips if you put in the headline, but what this is about is 11.5 million files from the fourth largest offshore law form. your tried to conceal your identity and your wealth. that is not illegal. your issue right now is that you are looking at the protection you have and this is a huge security breach. >> a lot of this is legal stuff. and panelall illegal is used by high net worth individuals for estate planning to reduce taxes in a completely legal format. and then there is the yeah but. >> it is embarrassing for world leaders, but many of them are brushing it aside, saying it is a nonevent. >> it depends on where you are, but yes, the revelations have blusterxed with

and outrage in some cases. >> the center of this. what do we know at this point now? >> there have been calls for reelection, but the prime minister of pakistan was also there. >> where is this investigation going next? as they haveifa been a big scandal with the world soccer federation. there is a lawyer on the ethics committee that has done work for people who have been charged criminally in the fee for scandal. and then you look at the banks like credits police -- credits police that have set up shell companies on behalf of clients. >> it is a win for the white house and its fight against corporate inversion. pfizer and allergan have agreed to terminate their merger, ending what would be the largest ever health care acquisition.

is this the end of pfizer trying to acquire or all mergers on the table? >> there is question the u.s. government went after pfizer and allergan specifically with this deal. the new regulations were written in such a way so as to specifically target pfizer allegan. i think it is very clear that if pfizer tries to do this again, there will be a similar response and as much as the white house houses its current occupant for i do not think pfizer will try anything else. generally have to see. a lot is riding on the political process in the u.s. and whether congress can actually pass a tax reform that would remove the incentive for inversion in the future could >. >> the administration was focused on pfizer not allegan. it was certainly to stop the inversion. advantagecompetitive

that it will not lock u.s. companies and to being less competitive globally while i double meant company has freedom to operate in a more competitive way. >> halliburton has been sued by apartment whorust claims its acquisition should be blocked because of threats competition. both companies vowing to vigorously fight the charges. what is the justice department worried about? >> this is a deal that they are try to take the number of people competing in it from three very large players to two and that is what halliburton was trying to do. overtime probably charge more and have one less competitive to pete against. that is something that doj and regulators will resist. i do not think anyone was really surprised by the announcement today. just moments away from

a look at the minutes of the federal reserve's march meeting where the fed lowered its expectations for rate hikes. in these minutes, we look at how dovish the yellen said is. ofyou can see the outlines what was probably a lively and contentious meeting that centered around the question of whether our rate increased -- a rate increase would be advisable at the april meeting. off because many participants expressed the view that the global economic and financial situation still post appreciable downside risks to the domestic economic outlook . >> some people are surprised at the push was heated as it was. what is it tell us about potential debate at the april meeting at the end of this month? >> to the minute say it was heated? >> we are looking at a back-and-forth. you guys joked and laughed, but you do not all agree. >> people are passionate about

their positions. these are hard decisions to make. >> what is most important to you? is it inflation or the payroll? >> i've been concerned about inflation expectations. when i talked in mid february, you have the five-year floor where inflation measures are down below 1.5%. nervous andkind of started to flag those. they have recovered probably back to december levels and i find that comforting, but you like to see those numbers somewhat higher than they are today. somehow the credibility of the fed and its ability to hit a long-run inflation target of 2%. >> jamie dimon has issued his annual letter to shareholders. he used it to want about emerging geopolitical risks and predicting the u.s. interest rates among other things. he also took shots at u.s. regulators by saying "our

shareholders should bear in mind that the u.s. government requires a gsib capital surcharge that is double that of our international competitors. this often puts u.s. banks at a disadvantage versus international competitors." the scribe that means and your biggest take away from this. >> there are many places in the letter where jamie dimon sounds confident and strong, but there are other places where it feels like he is coming under attack like people like elizabeth warren. here's a quote for you. " i do not want any make it to look back in 20 years and try to figure out how and why america's banks lost the leadership position and financial services. if not us, it will be someone else and likely a chinese bank." it is hard to see now how the chinese banks will get in that position. eu referendum is a

massive political risk. with dimon talked about it best case scenarios and worst-case scenarios. what are they? >> in the event of a brexit, the best case scenario is that written and the eu are quickly able to renegotiate a number of trade agreements and business continues more or less as usual. that that scenario is where britain breaks apart from the eu and the eu becomes the or takes -- defensive or takes reality edition -- retaliation. far is thease by dissolution of the eu not just by britain leaving but other states subsequen subsequently leaving the eu and this great experiment of a quarter century would essentially fall apart. >> we are learning more about these potential buyers for yahoo!. verizon and google said to be among the possible suitors. yahoo!'s assets are

valuable? >> verizon but aol and they share similar businesses. they come with a very big digital reach. >> that raises the issue of why would they want them. >> verizon's plan is to marry data to users. they have 100 million subscribers through wireless. digital datahe that you get from users of aol and yahoo! and mary that with this advertising technology that uses algorithms to show does role advertising and pair that ,ith mobile video products which verizon has introduced, that seems to be the plan here. because those businesses are so similar, you can take out a lot of cost. there are synergies with verizon that you cannot get with other companies and i think that his wife verizon has taken such a hard look at yahoo!. >> could another bitter,?

dder come up? >> some private businesses will make first-round bids, but some of the big players we are reporting now like comcast and disney have limited to no interest. that narrows the field down a little bit at least. scarlet: coming up on "bloomberg reaction to the panama papers and repercussions that have already been felt around the world. ♪

scarlet: this is "bloomberg best." i'm scarlet fu. over 11 million documents were leaked in what is called the panama papers. it will take some time for the full impact to become clear, but

the story certainly unfolded dramatically this week. here are highlights from our coverage on bloomberg television. >> nobody said that mr. payton was involved because there is not his name registered anywhere. there are some people who know mr. putin who have certain offshore business. what is wrong about this? i have many comments on this. first of all, russia has no offshore results that are directly linked to mr. putin directly cou i. p].is [bee >> what kind of business are you doing in panama? service usicles that directly otherwise we have to leave the bank.

if there is a structure of beneficial third-party, we insist on knowing who is the beneficial owner and anyone who will not reveal, we will not engage in business. we are very confident in our practices. we feel they are very strong. >> and iceland, a bombshell with the prime minister resigning one day after a massive data leak known as the panama papers linked him to secret offshore bank accounts. theou literally wrote about offshore.th what is the most significant aspect about this leak? >> we thought we had made a lot of progress of forcing institutions of applying long-term regulations that we are discovering to this day that there are some violating these laws on a regular basis. of the owner of

the wealth that you manage his routinely violated by these firms and tax havens. >> the investigation into offshore accounts in the panama papers is putting the british virgin islands under some major scrutiny. the overseas territory is home to about half a million companies. tell us about the uk's relationship with its overseas territories. more's a revelation that than half of the companies exposed by the panama papers were registered in the british virgin islands and it put a spotlight on the uk's awkward and ambiguous relationship with the territories. prime minister david cameron has put pressure on overseas territories to open up and set up a public register of beneficial owners of companies registered there. so far, they have ignored his calls. he is now facing pressure from opposition politicians like labor leader jeremy corbyn to

take direct control of overseas territories that continue to flaunt a u.k. tax law. >> hong kong and china have emerged as the top markets for the center of the panama papers leaks. they are third of the offshore companies set up worldwide. what is the latest to come out of china? >> in terms of setting up these offshore entities, it is almost other. they are set almost 16,000 offshore companies for chinese and hong kong people. it is sometimes relevant political leaders in some cases. they set up here in 1989 and hong kong and they made good use of their presence here. >> xi jinping seems to be the focus of the revelation of the panama papers in china with

these relatives having offshore accounts. very inconvenient during a time where he is trying to drive his anticorruption efforts there. >> there is not a lot of smoking guns that have come out yet. it just goes to this contradiction between his efforts to crack down corruption and all the senior chinese elite and political elite seemingly dabbling in offshore entities. grandstanding committee member who was a freshman at stanford has her name on offshore companies. >> the panama papers saga has now ensnared british prime minister david cameron. after four days of questioning regarding cameron's investing in offshore accounts, the prime minister gave his details on his interest in the holding funds. >> we had a joint account and we owned 5000 units in glenmore investment trust, which we sold in january 2010.

that was where something like 30,000 pounds. i paid income tax on the dividends, but there was a profit on it. it was less than the capital gains tax allowance so i did not pay capital gains tax, but it was subject to all the u.k. taxes. ay, how big is this? >> he did nothing illegal. it was all legit. the fact that this fund was see --ed at the door to , is inconvenient with the brexit vote and the problems with the u.k. steel industry . you have meandering about the budget and pensions. it's just another element where despite winning that amazing victory last year, he is stumbling. took five different iterations to come out with what was a fairly simple thing to

say. yes, he had shares and it and he sold them. ♪

scarlet: you are watching "bloomberg best." i'm scarlet fu. let us continue our global tour of the week's top business stories with a look at company news. our roundup begins with a merger of airlines. today, alaska air has agreed to buy virgin america for $2.6 billion. it is a 47% premium to virgin america stock price. branson's backed airline was looking for a buyer. has told bloomberg news that it is unlikely the u.s. government will seek investor church. he also added that jetblue did not bid significantly below alaska air. jetblue's bid was not really as bad as we thought. why did they lose out? >> they lost out because alaska

air was willing to pay more however many dollars more per share. that are some markets roughly more than jetblue and they really had the desire to do this because they have been unable to get more gates in new york like laguardia or jfk. mdc, they wanted gates at reagan and virgin america gives them access to that could >, . >> what happens to jetblue? >> they're not a lot of airlines out there. that is why alaska air was willing to put so much out there. jetblue could look at frontier or spirit or some of the smaller airlines, but they're not a lot of big deals that can get done in the airline space. makersese smartphone naming a new president as it battles to listen export ban

that threatens the release of its annual results until next month. our bloomberg at flight columnist is with me now. what sort of mess have they got themselves into? >> it goes back to 2012 or earlier where is the tu was buying equipment from various u.s. companies and reselling it and shipping it to iran. iran.s. has sections on where you are not allowed to sell this kind of stuff to iran. this to skirtne these restrictions and they got caught. we have gotten to this point where the us department of commerce has reacted and said directlyot punish zte so they went after companies that supply them directly and said we are not going to let you sell to zte. >> how they reacted? >> they have actually changed their management. they are appointing a new chairman.

the founding chairman who has been there for 30 years is no longer there. issuespeaking to this that the u.s. has about trying to get rid of people who are doing nefarious stuff. has come out and said we are to start making changes. the disney ceo is stepping down. no reason was given for his departure. he will still remain at disney but as a role of special advisor to bob iger. seen as hisy successor. what happened? >> he ran the parks business for a long time. he was being groomed for more than 10 years along with another executive and he left. he left when tom staggs got the nod to be coo. and the senior

management of disney have had 10 plus years to really look at tom staggs and his qualifications before naming him coo. back andoard to come say perhaps maybe you are not the right person is very surprising. >> disney likes to promote from within. michael eisner breaks that rule. would it be a big surprise if the successor to bob iger was an outside man or woman? i think the problem with disney is that bob iger ran a very good succession plan. over the last 10 years, identified too strong able executives and grooming them over a long period of time to succeed him. it worked well and bob iger was getting a lot of points for that. now the company is left with very few internal candidates. and of folks think they are going to look outside of the company for executives to come in. in a perfect world, they

would've loved to take one of their internal candidates. >> twitter making a strategic push and to online programming . the social networking company will stream 10 thursday night nfl games. who wen wins here? >> the fans. it is purely green. the nfl is looking through the windshield and not the rearview mere. if you think about it, this device looks like a small football field. they are taking chances and being entrepreneurial. if you look at the 50th anniversary of the super bowl right here in the silicon valley, our nanosecond attention span is perfect for this little device. is it a win for twitter? emily: and also a great win for

twitter. andy: yes, and allows them to get in the game with the most powerful broadcasting entities in existence today. the nfl is pricing the value of what these rights are. this is a new area something they are going into. consider going for the highest price now, they are going to see how it works for twitter. >> glencore is moving forward and plans to sell assets to curb the $30 billion debt burden. they bought a minority stake in the agricultural unit for $2 billion. they will own about a 40% stake in the business. we have been talking about this, and you were talking about the agricultural deal as a major component for what eisenberg was to do in releasing the debt burden. keith: the biggest part of his debt reduction plan for reducing that debt is about $30 billion, close to $50 billion by the end of last year. glencore is trying to get rid of the debt by $6 billion of assets, and also write equities. the centerpiece is done.

probably glencore has a bit more to do because if you think about borrowing the company's low prices, relatively low oil prices, and general all the commodities glencore produces are very low. >> so they were 30%, they are -- >> so they were 30%, they are trying to get to 17%, where are they now? javier: some of the streams already deal done, what is left is potentially selling the cultural unit, they can sell out of 20%. it sold 40% of potential, they could do more than miners and chile. >> looking to pursue a premium spot on the london stock exchange. you are pursuing this london listing areas of question is, are you ready? i am concerned whether or not this is the right time. i want to point to the book on cyprus, 0.45.

priced still very much story, priced as a stock that has issues with mvls. why the step up to the big stage on london is the right thing to do right now? >> t satisfies the sectors, and on germany it is more than that. there are new reference point for you. we've been talking about fighting liquidity and value for our stock for more than a year now. the cyprus exchange the quiddity is too low for a balance sheet that has more than 3 million in equity. we need to find more long-term investors, greater liquidity in the stock, and the story to long-term investors. john: will you be able to do this? edwin: wilbur pushes you on everything, and that is the nature of having an investor in your stock. i welcome that. the london listing was inititially my idea.

john: he is saying something else. edwin: we are all saying we need the highest standards of corporate government, corporate banking, we need to tell our story to a wider audience, and it can be done by longer-term investors. rishaad: the preliminary first quarter earnings coming in from samsung. estimates. it kind of predates a surge. edwin: the new galaxy is being put into a market where there weren't any real competitive products. the iphone seven is coming out probably toward the end of the year, and that will be real gadget to beat.

rishaad: sometimes it's not just about phones, we always get fixated, a whole array of different products. edwin: until recently, it has been the most profitable. they are also having problems. apple itself is predicting its first sales decline in a decade. so with the global and chinese smartphone market sort of erroding, prices for chips and displays samsung makes will fall as well. scarlet: still to come on "bloomberg best," john kerry explains why clean energy is worth investing in. ♪

♪ scarlet: this is "bloomberg best." i am scarlet fu.

it is time to replay some of the week's most interesting conversations, and there was no better place than to start with this exclusive interview with managing director christine lazard. we sat down in frankfurt to discuss her top concerns about the global economy. christine: we see the baseline as slightly lower, but we also see what we call downside risks, a bit higher on the horizon, and we don't see much by way of upside. we believe that the three key risks that are china, change of business models, and the results of lower growth, lower commodity prices, and the tightening of financials as a result of new monetary policies that has just begun, and will probably come out too as the key factors. those on the economic side. and on the top of it, we also see some very concerning geopolitical threat that have an economic impact on many countries around the world. francine: and then of course we

have the folding vote of brexit. is that in your top risks for this year? christine lagarde: it is clearly part of the uncertainty we have at the moment, concerning the european union and the financial sector as well as the private sector that london represents. francine: even if all the concerning news were to come true on the geopolitical front -- christine: what we fear is the new mediocre that i have heard about last year, which would mean we can growth, no new jobs, no high inflation, high debt. all of those things that should be high continuing in that -- be low and are high continuing those trends. we call for policy actions and what i have names the three-pronged approach. monetary, fiscal, economic. we are seeing a lot of policies at the moment, but we need this change of need it fast.

raghuram: what happens if you elevate the prices with real growth and fundamentals have to go up to match the higher level. one thing that would send us is very strong growth, but if we get that, the prices are verified by the strong growth. the problem is that we have to keep monetary policy so accommodative that it actually happens. if that is not happening, growth is still, you heard the imf managing director, the new mediocre, then this is not 2, 3, 4 to meet. we keep doing it because it is not going to meet, right? that is the concern because as prices start going back to fundamentals, which is far lower than the elevated levels at which they have been kept.

that is the risk then, and some central banks say wait, there is more combination. we go back to the higher level. the point is, i don't think this is a stable situation. either we need stronger growth or we need to recognize we have reached the limit of monetary policy and slowly, i don't say abruptly, slowly we get back to normalcy across the world. rishaad: what about messages coming out of the various the -- various federal reserve members? it seems they are not cohesive messages. there was a lot of talk about about april and the tightening. charles: there's been a number of people coming out and talking about the rate increases this year, whether it is 2, 3, or even four.

i think the communication strategy, if you look at what we put out, the stock charges, if anything, the margin stock charge should we have more agreement and the smaller number of increases in 2016. i think that a lot of the commentary you have heard is simply a number of people who have one more this year, talking about big things today, stronger, it may be in meetings to talk about. it could be 2, 3, it will depend on the data. rishaad: would you support a rate increase in june? charles: i would be looking for to this year, not surprised if one in the beginning, one at the end. one of the fall, one at the end of the year. it will depend on the data, but i will be open-minded for sure. >> the department of labor unveils the final version of the

expeditionary rule which shows investment advisors are putting clients interests ahead of their own. what is the problem they are trying to address, and why is this the right solution? tom: the problem we are trying to address is the entire landscape has changed dramatically over the last years. world,ozzie and harriet defined investment plan, retired with a pen, pension, and a party. they did not have to worry about that pension running dry because it was a side benefit for life. now in the 401(k) and ira world, the consumer has to take ownership over how to spend their hard-earned money. what we are doing today is making sure the regulatory landscape matches up with the retirement landscape and the

principle of consumer protection, putting consumers first is put in place in the retirement space. >> why is it right to do this by product regulation that affects everyone instead of just going after bad actors? tom: i really appreciate your question. this is not a case of people who have malice in their hearts, and i have said that repeatedly. advisors are not bad people. i have spoken to so many, who try to do the right thing. this is a case about a system that is structurally flawed. tom keene: how do you view silicon valley right now with talk of human forms and that is competing by a different rule theith talk of unicorns and play byt it can different rules than everybody else. steve: i am worried, but excited and delighted, many of the companies that have been

created, they are exceptional. they are a little disconnected, they work in their own world. they talk about being inside the here, it is like inside silicon valley mentality. people think more broadly around the country or around the world, and i think they get caught up in the valuations. the revelation is -- frankly valuation in new york city is a little too high. we call it the rise of the rest cities. cities in the middle of the country where the entrepreneurs are building great companies, but they tend to be more moderate. venture investors start to invest in these cities as well. tom: why have we not seen the bank by facebook? i have we not seen a bank by google? steve: they are expensive. dollars.of billions of smaller you are more of a defender. the attackers, just doctors, big companies are playing defense instead of offense. ♪

♪ scarlet: you are watching "bloomberg best." i am scarlet fu. summit on a future energy. many speakers joined us on bloomberg television. here are some of the comer stations leading off with secretary of state john kerry who sat down with david westin. david: what is that you are asking the private sector to do that they would not otherwise? john: make energy conscious decisions. whereey power the plant; they do it. and also in their choices for national policy. with respect to energy. we need to move rapidly as a low carbon energy-based economy, and that would be not only significant in terms of emissions and negative consequences that come from

climate, but it is the greatest economic opportunity the world is looking at today. millions of jobs are being created in making energy conscious decisions, and by the way, a lot of savings for companies. you could power a plant more efficiently, even save billions of dollars literally. david: so are ceos and business it investors losing the boat? john: many companies understand this. walmart, pepsi-cola, general electric. i could write a long list of american brand-name companies, but we have lots of other people that are engaged in smaller and lower levels to make wiser choices about their energy use and energy production. david: are you encouraging the government with regulatory tips to account differently for the costs of climate change? john: not regulatory, but we would urge -- accounting is supposed to be an exercise in transparency and accountability and truth.

real figures, really counting. the accounting on injured today does not take into account what costs that we paid, the taxpayers cost. $70 billion from hurricane sandy. this is a huge transformation taking place that has potential negative consequences, but the accounting is to reflect the realities. david: why not just impose a federal carbon price unilaterally? why not just do it? james: if you try imposing things on 10 canadian provinces lately? david: i have not. james: i do think they are popular. we just sit down and talk to the people, and the prime minister has done that twice. they have their own carbon mechanism.

the talk about what is on the national objectives, and then the best mechanisms for us together to get that. lisa: exactly the economy has been hit ready well by low oil prices. you think the strong revenues from oil will cut into the potential investment in renewable energy? james: i hope not. i think the entrepreneur always has his or her mind on what is next, an investment is what is next. it becomes a part of a priority. we know there are meetings, companies in the oil capital of alberta who have come together to pool their r and d resources together aside from intellectual property interest to find a practice for the entire industry to share.

while it may in some cases be more difficult to make the r and d argument during a time of low commodity prices, we see they decisions those anyway. scarlet: one country leading the way is chile. alix: they get 70% from renewable by 2030, and they have predicted to grow in the last five years. maximo: there is a boom in renewables, no fiscal subsidies. that is very important because it is sustainable. today, energy, this sector in the economy with the highest investments. it is more than what we used to have. we used to be number one. now energy is number one. we are building new infrastructure.

we have more than 2000 kilometers under construction today. and more than 58 power plants under construction. we have more than $13 billion in infrastructure incompletion to enable renewable energy to come under operation in this year. alix: something that has happened during this has been the fallout of commodity prices. you mentioned mining was the number one thing there for chile. if you have alternative energy to power minds and they shut down, how do you manage that? maximo: mining is one third of all of the demand in the country, but we have another two thirds in other sectors of the economy.

we need to restructure the energy basis so we have a lot of opportunities for renewables. we are in a region of the world that has huge opportunities or integration and interconnection. ♪

♪ ♪ >> nine fdi, was was on a fabulous trend for years, has changed. it speaks to new globalization. >> it is not just a stock turn and a big bump, but the meniscal miniscule amounts of buying, red is selling. >> talk about allergan and the acquisition machine, you can like at this on the bloomberg byp. >> we used an array of functions on bloomberg to enhance coverage of businesses. bloomberg terminal customers can

use g#btbgo. scarlet: here are some of the favorite charts from this week. >> i want to ask you about the divergence we have seen in equities. it is interesting if you look at a longer-term picture, this is a 10 year look at the msci, the component, the stoxx 600 fell to a five-week low, and a few weeks ago, s&p 500 was at the 2016 high. why is that, and will continue? >> that is a reference to the -- i think the real reason is earnings. what you are showing there is just the price. i don't think europe's earnings

have grown in five years. the u.s. has doubled since the trough. it is fundamentally based. when you look at a of companies, the u.s. has a better health care sector, technology, banks, market. if you go down the line. companies that deserve to have a huge premium relative to the global peers. it is relative safety of the environment, i think. >> you had a great chart, and it has been in the downtrend. is barely even a blip. the long-term trend has been a weekly basis. >> the japanese yen. >> here is the basis of the yen and what it has done today. major currencies that have cross with again are seeing declines. the south african rand, and you can also flip this over to look at the year to date, and you will see similar movement obviously of more magnitude in terms of movements. all of the major currencies falling versus the japanese yen if you look at the debate of the pound, following the most versus the japanese yen. also looking at the forecast for the yen, this is fxfs which looks at currency. here are strategists looking for weakening in the yen, this is where the forwards are trading.

this is what the market is saying, strategists are saying. interesting convergence there. caroline: big on britain. i am going big on brexit because you know is the fascination and the u.k. at the moment. the stock market does not care. this is my charge, you have got to go to g#btv11. you have a premium of about 8% versus the stoxx 600. we are trading at 16 times estimated earnings, whereas the

stock 600 is trading at 15 times earnings. estimated earnings. we have never seen the stock market actually do so much better every single week since the referendum was announced back in february. every single week, bearish coming down on the u.k. stocks. why? well, the british pound has come down about 4%, versus the u.s. dollar. that helped. if you look at the energy stocks, doing well. scarlet: we have created a new function dedicated to brexit, brexgo. it lets you monitor news indicators. you can always find news from around the world 24 hours a day on bloomberg.com. that does it for "bloomberg best" this week. thank you for watching. ♪

>> from our studios in new york city, this is "charlie rose." charlie: we are joined this evening by presidential candidate bernie sanders. let me talk about this issue of qualification to be president.