♪ david: coming up on "bloomberg best," the stories that shaped the week in business around the world. marine le pen reached a runoff in france, risk on for investors. >> dare i say it, the political risk around the election. >> ecb keeping rates on hold. wells fargo board gets an earful from shareholders. canada and the u.s. tangle on tariffs. and president trump rolls out a tax plan. >> this is the beginning stage of what is expected to be a long and brutal slog. >> with all the action, we have high profile reaction. >> you have to think of the world as rich, fair, cheap.

we are in rich territory. >> unless you do something bold, we are running into real serious problems. >> companies report earnings and the leaders take us behind the numbers. >> we are demonstrating the quality and power. >> not yet firing on all cylinders >> we're comfortable with how we came out. >> it is straight ahead on "bloomberg best." ♪ david: welcome. this is "bloomberg best." your weekly review of the most important interviews and analysis from around the world. we will start with a day by day look at the top headlines. even before the trading week started, all eyes on the first round of the presidential election in france. ♪

>> now we know it is definitely macron versus le pen. they would be about 22%-20 4%. >> there were contrasts drawn between the two of them, but what each candidate has and how they performed is coming across dramatically. fillon said, the defeat is mine, only mine. but there is only one choice to make for the runoff. even the republican candidate acknowledging his defeat and calling to vote for macron. >> it is a strong result for europe. there is a lot of skepticism still in europe, especially from investors. we are learning three things. democracy is alive in france and europe. second, europe is winning, and populism is losing. there is little chance that marine le pen can become the president.

it is a probability that is in the low single digits according to our models. >> both establishment parties were eliminated in the first round. macron and marine le pen will face each other on may 7. both have different visions for the future of france. >> so we have had this relief rally in the euro-dollar, higher than 3%. the question for markets, will the french do as they have been told, to get behind macron? go to the center. >> they will. it would be nice at this point if we can stop saying that we cannot trust the polls. we can. this is the fourth or fifth time in a row where they have called it exactly right. we have taken the view, dare i say, the political risk around the election has been overstated. >> a banner day for u.s. stocks,

for all really, after the first round of the french election is said and done, macron and marine le pen prevailing. which is kind of what people expected. >> that is the crazy thing. huge moves despite the results coming in as polls anticipated. are you surprised to the degree that which risk assets surged around the world on a result that was in line with the polls? >> it was a strong day. my read of the day is investors took this sort of relief as a chance to buy opportunities that emerged last week with the earnings season. if you look at the leaders, it is financials and industrials. we have two sectors that are beating expectations. politics is definitely have a short-term impact on the market, but the longer-term trends are still intact. >> trade wars could be back. you have the president putting a tariff on canadian soft lumber.

why go after canada when you have worse offenders in the market? >> it is their turn. he is moving ahead with things that have been in process for a long time. the softwood lumber debate has been going on since 1981. basically, canadian lumber producers harvest timber from government land. it is largely private land in the u.s. and the u.s. has long charged that they charge less than they should for the lumber that is harvested and it is an unfair subsidy. so the two sides are at a point now where the u.s. lumber producers are asking for tariffs. and they are getting it. >> what is the message for those in beijing or mexico city? how should they interpret what happened today with canada? >> we have been saying that this administration is much more enforcement oriented than the prior ones. we have been bringing lots of cases, this is our second

billion plus dollar fine just so far this year. i doubt that it is in a year where there is one in a whole year, let alone two, in a couple months. enforcement is very much on the forefront in this administration. >> we are going to take it to court and we are confident that as has been the case everything will time in the past, we are going to win. >> the trump administration wants to put forth the biggest tax cuts in reforms in u.s. history. >> we will lower the business rate to 15%. we are going to repeal the alternative minimum tax. we will have a one-time tax on overseas profit, with the implementation of the new tax the debt tax would disappear. >> the white house essentially released what is in many ways a mirror image of what donald trump released as a candidate on

taxes. there are tweaks from the campaign. he talked about repealing the estate tax, the amt, and the corporate tax rate of 15%, which he proposed in the campaign. a lot of these goals are shared by republicans in congress, the big sticking point is how it is paid for. >> the key moment is when gary cohen said there would be attacks from the left and from the right, politically speaking whether or not they will be able to unify the republican party in order to advance goals. >> if you are trading on this plan, you have to think if they can actually pass it. and they can. because you cannot increase the deficit after the 10 year window by cutting tax rates if you're going to use the reconciliation process they plan to use to get it through. this is not even possible is

part of the problem. >> it is the beginning stage of what is expected to be a long and brutal slog. tax reform is like an airplane that just about hit the runway, it does not have a destination, the plane has not even been built but we do have design ideas from the white house. >> bank of japan is the focus now. they kept stimulus the same. the sign of exit monetary easing remains far off. >> no change in the negative rates. it is -0.1%. no change in yield control. keeping it anchored to zero. no change in the amount of bonds it will buy. what did it change? forecasting 1.5% for 2017, they reduced it to 1.4%. >> it was decision day at the ecb. they keep their simplest program and rates unchanged. we are talking about degrees of dovishness. this was less dovish.

>> slightly less than last month. they said the risk had diminished further. >> the other dovish elements in my mind said, if financial conditions prove inconsistent with the view or balance the risk for inflation, we are ready to act again with increasing -- with increasing buying, what does that mean? you are rising too much or bonds yield rising too much, so they are putting out an element of dovishness down the road. >> it comes across the bloomberg terminal, gdp analyzed coming in annualized with a significant downside surprise, 0.7% is the read. 1% was the estimate. 2.1% would be the previous number.

this comes in at 2%. the employment cost index comes in at 0.8%. and it is in line with economists estimates. and the survey shows the median estimate was 0.6%. the headline number softer than anticipated. 0.7%. and the median estimate was a full percentage point. it is weaker than thought, but not the worst case scenario. look back over the past five years, first quarter of the gdp averaged 0.9%. and 2.4% for the remaining quarter. there is something wrong with the first quarter gdp. if, just to quote fisher on this, there is something going on with the data we do not understand. i think that is true. it is a negative surprise. i'm not worried. >> going into the second quarter, the headwinds of consumption and also inventory is supposed to reverse. you are supposed to have business investing, particularly in gas and oil, and you put it with a backdrop of decent global growth, you could get a second

quarter gdp at 3.8% and that is what morgan stanley is forecasting. david: still ahead as we review the week, investment insight from howard marks, and exclusive conversations with two entrepreneurs in china. earnings from amazon and europe's biggest banks. and more of the top headlines, wells fargo shareholders make themselves heard at an annual meeting. >> standing up and saying, i am not going to sit down and i want to hear from the board members. david: this is bloomberg. ♪

♪ david: this is "bloomberg best." i am david gura. let's continue our global tour of the top business stories. wells fargo executives dealing with repercussions of an account scandal and after england

-- annual meeting the board of directors felt the pressure. >> after a shareholders meeting in florida, all board members narrowly survived a vote to remain in position. this is in the wake of the phony account scandal. this was raucous, not your typical meeting. >> it was really just, at some point contentious. i mean, it was almost three hours long and one of the things, the first interruption we had was a gentleman who works for an organization that works with homeowners. he is standing up and saying i want to hear from these board members on what they knew about the scandal and when. from there we had four different individuals who again interrupted the meeting along those same lines. >> are the questions you had going into the event answered?

>> not really. we are still wondering, what can the board do? some of these board members got low votes of confidence, four of them did not make it out of the 60% threshold. for the remaining, only three of them above 90%. that is really low. >> submitting a revised takeover bid for a dutch maker -- now at $29 billion. how much of an improvement is this? >> it is a decent bump. this is the third time they have come back. this is about 8% above the last offer. as you say, almost $29 million, so it is a big deal. and it shows what kind of pressure that the chief executive is under to negotiate with ppg. >> i think a huge amount is the easiest way to describe that. they have been resistant, they have been entrenched in terms of the way they have responded to this.

to say, we are not interested, leave us alone. and the argument to the shareholders is, if you hold on and let us to the separation of the business, we will create more value for you. do not take the ppg offer, over time we will give me something better. >> the big deal in the luxury space. a french billionaire moving to consolidate control over christian dior for about $3.2 billion, one of the biggest transactions ever. why would they purchaseconsolidr christian dior, it is a big paycheck. >> they make the fashion accessories and handbags and clothing under the dior brand, it has actually been separated from the perfume business since the 1960's. so this is bringing those together under the umbrella of one company. by doing this he is hoping they can find synergy and have a

greater impact and finance more easily. penain -- marine le stepping down as head of the party and she wants to campaign for president to represent all the french people. what do you make of the fact she is stepping down? she is trying to broaden her appeal, but will it work? >> i would not be reading too much into it. as you said, it is an attempt to broaden appeal. she wants to present herself as a unity candidate for all french people. given the history of the national front that is going to be difficult for her, but this is a symbolic effort by her to recognize the fact that there is baggage that goes with the party. >> china saying it will maintain what it calls through did policies after the economy saw a pick up in the first quarter. this is according to the agencies reporting on the president.

what do you make of it? >> it is a strong signal that they will not be stepping back. there is a view that the growth was so good that perhaps it peaked. there is a view that the growth congress at the end of the year, the parties say they will continue to keep growth on track. but when you look at the we heard similar amounts lately that the economy is on track to meet its target. the message is they are letting the economy go from here. >> there is a major showdown brewing in washington. cracking open the net neutrality debate. it was unveiled for rolling back the neutrality rules in the nation's capital. >> this is going to be a political debate that will engage millions. we will be focused on the fact

and the law. americans believe in a free and open internet, but they also want to have next-generation networks to be built out. i think what the fcc does not need is heavy-handed regulations that put a lot of rules into businesses that keep them from building networks and that will be the course we are charting. >> it is a dramatic reversal from a few years ago when there was this fight over net neutrality, the tech companies won that time. there were strong supporters of net neutrality and you had companies like at&t and so on who lost. this time we have a new administration and they are getting their way. >> the eu warning the u.k. that the remaining 27 countries are its chief concern as it seeks to limit the negative consequences of britain's departure. european ministers signing off on the guidelines that will form the basis of talks. is this the eu toughening their stance toward the u.k.?

>> that is a way that some people are interpreting it, because the negotiating guidelines that the ministers signed today in luxembourg do make some explicit demands in relation to financial services, in relation to the rights of eu citizens in the u.k. and british citizens in the eu, and with regards to the bill that they u.k. would have to pay on leaving the eu. the brexit bill. and what the leaders are going to sign off on on saturday, are general principles for the eu going forward. there will be more negotiating mandates and the real negotiation will not begin until after the u.k. election. on june 8. ♪ >> the president set to sign a memo ordering wilbur ross to determine the impact of rising aluminum imports, which could lead to curbs on imports.

this is the second such an investigation the president has initiated this month. why is this happening? why is the investigation happening? >> it is a lightning rod point for the campaign and now the administration. they made it clear that steel was in their sites during the campaign and then they talked about aluminum in the end and wilbur ross made it clear last night that they were looking at trade issues that seemed to have a lot of focus or maybe a bit of uncertainty and aluminum is very much one of those topics. >> speaking to analysts and those in the market, they are uncertain that there is much to come out of this. people point out that these investigations, nothing really happens on the other end. ♪

♪ david: welcome back to "bloomberg best." i am david gura. markets around the world enjoying a rally after the first round of french elections, but what is the outlook for the long-term? erik schatzker sat down with henry mcveigh and how it marks to get some expert insight. >> let's talk about european growth. based on what you have seen, why is it surprisingly positive? >> we do a lot of quantitative models and on the ground research, it is the monetary policy. when you look at the ecb with the zero interest rates it has a stimulus effect on the economy. we saw a similar picture in the u.s. a couple of months ago were the monetary policy was moving forward but there is no cyclical ignition to drive the growth

until housing picked up. that happened in the u.s. and in europe right now we see the house prices go up but not a lot of consumer lending activity, so the transition investors should look for is monetary policy with cyclical parts of the economy, including housing. right now, monetary policy is dominating but the base of you is that the cyclical components will pick up. >> what about fiscal policy and structural change? we lived through gridlock in a time of monetary stimulus. are the europeans doing a better job of governing? >> i am glad you asked. another thing missed by most people, in 2012, the fiscal austerity was 150 basis points drag on european growth. it will not be 3% or 5%. that is a big number. today, we are estimating it is a 20 basis point addition to growth. in the near term it is quite a tailwind. i think as europe starts to mature and some of the political

rhetoric settles down, they will have to go back and address the debt loads that that part of the world faces, but i do not think that is the business today. ♪ >> most asset classes are in high valuation territory. >> to me that sounds like 2007. >> as well as you say a bit. you know, you have to think of the world as rich, fair, cheap. we are in rich territory. we are not ultra rich. you know, it is not black and white. we do not draw a line down the middle and say everything here is we sell and anything here we buy. there is a middle ground, which is fair and we happen to be in my opinion largely above it. >> what would it take, where would we have to be for you to feel like we were in the warning sign territory? >> if the high-yield bond to

spread was 240. that would be one example. i think we are not in a bubble because one of the characteristics of a bubble is having people say, no matter what price you pay you will make money. we saw it in the tech bubble, in the bubble 50 years ago. >> and you are not saying that. >> and nobody else's. >> they are saying it is difficult to find things to buy. >> but that is good, because it implies people are exercising -- the awareness. ♪ david: still to come, more of the week's most compelling interviews, including a conversation with alan greenspan. the prime minister of turkey getting fed up with the eu. and a top internet entrepreneur in china says the capital is pouring into the tech sector, maybe even too much money. >> it is like hundreds of companies being traded. david: this is bloomberg. ♪ hey you've gotta see this. c'mon.

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featuring rdma host jordan fisher. and the ardy goes to... watch disney channel presents the 2017 rdmas. april 30th on disney channel. david: -- >> this is good news for france, europe, and the global economy. france is set to embrace european targets and renew the european agenda. reformingis mean a european union? could it be a more integrated eurozone than we have seen before? andore europe is needed, not just for the monetary union. but also to reassure european citizens that europe is about growth and jobs. something europe has not been delivering well on recently. >> are the prospects on brexit -- the british may negotiate

with macron. >> i imagine the negotiation will be on clear terms. and that europe will more easily reach a common position vis-a-vis brexit. financehat was italian minister discussing the impact of the french election with bloomberg editor in chief john. wereesults and france mostly seen as positive for the future of the european union, the attitude of turkey towards brussels appears to be growing more negative. in an exclusive interview, the turkish prime minister accused the eu of treating his country like a student. dampening his interest in joining the block. interested in continuing to push for membership or are you changing your mind? do you want to go a different path? >> we invite the european union to honesty on the issue of membership, first of all.

i shall determine their procedure first. will they continue to walk with turkey or not? we shall see their decision and then we can determine our own path. in somee elections members of the eu right now. we will see the different types of rhetoric will continue after the elections are not. not ter the elections were -- or not. what some members of the eu did before the referendum. therefore, the eu should determine the future vision for itself before things can proceed on a healthy path. the kind of forward path that wants to walk on with turkey, or not. this nation needs to find out

what goes on in their head. they need to put it forth honestly and earnestly. that if they have the idea that a non-christian country has no place in its union. otherwise, there is no point in either side wasting time. david: to asia, the chinese entrepreneurs club held its annual summit this week. tom mackenzie spoke exclusively with several ceos at the event. >> european elections underway. brexit. the u.k. elections, the french and german elections. how much of that is factored into your strategy? how much of that is impacting the choices of chinese investors? huge have not really seen backlash against foreign investment. for example, even brexit has not made much of a dent in terms of

foreign investment. government still welcomes foreign investment as well. and in some ways, i do not see that will happen in france or germany. so, we are looking at those opportunities. i think what is of concern to us, is in the u.s. in the last month or so, that concern has been eased somewhat. the potential of a trade war, obviously, is deeply concerning. >> what do you see as the key risks for the chinese economy? >> the pace of the leveraging. the last two or three years, i have felt that the financial risk is a big risk in the system. that partially explains the rationale of why china is opening the capital market as quickly as it is. fundamentally, the system though is not ready.

overall leverage ratio which is very high. as we know. overdrawn at 50% gdp. now, china at this point, has given the huge amount of savings. china can clearly deal with that in the short term. but the leverage ratio should not be increasing anymore. >> you said you think there is too much money flooding into the tech sector. are you suggesting bubbles in the chinese tech sector? and if so, where? >> it is everywhere. internet. internet in general. especially, in the last five or six years. a tremendous amount of money pouring into the market whether it is from local firms or others. it is too much money. for example, live streaming. app like the so-called

shared economy. in the uber model. it is not like the presence of a company being created. in theory, these companies would never be successful. but anyone, whenever they have a new concept, and they think it they want to see a lot of new money pouring into create those companies. the result is that a huge competition in terms of market share, and to get bigger. a lot of competition is irrational. ofid: in a week chock-full important events of policy decisions around the world, few observers can offer more perspective than alan greenspan. he joined bloombergs daybreak

america for a conversation on friday. it least one thing with president trump and that is an emphasis on growth. he has a prescription for how to states, twonited more robust growth. it starts with a fairly dramatic tax plan, the outlines of a plan. is that a way to re-stimulate substantial growth in the u.s.? , if you weree willing to make cuts in social benefits which would be required to fund the attack -- the type of program he has put forward. remember, it is not only a tax inc.. but it is also a military expansion thing. in the last decade, the share of gdp going into our military was at the lowest level since 1940. and we cannot maintain the

presence that we are trying to maintain militarily unless we come back significantly. outlook is not only a tax question, but it is also a military question. and he, of course, has said both. and that is a problem. >> there is some hope that if they could have significant tax cuts, reducing the rates and not increase the deficit, through cutting back on tax expenditures, there is some hope that could restore some degree of growth back into the economy. >> the tax expenditures are not what they were. mean, we have all sorts of things. one thing that has been left off foremoving exemption interest. that is a big deal. it would have been a big issue.

why was it not done? i suppose it is part of the third --. if you're going to do something bold, you're going to get some criticism. but unless you do something bold, we will run into real, serious problems. ♪

♪ welcome back to david.erg best" i am first to announce was credit suisse. first-quarterse's income has been its highest estimates. $4 bank now aims to gain billion and has abandoned earlier plans to launch an ipo

of its swiss business. to not go you decide for the ipo? >> we raised 27 billion last year. another 12 billion in this quarter. we have been demonstrating the quality and the power of the platform of a central well management, beating the competition. it was a proposition of raising capital to rise to the growth. in when we were thinking october 2015, we had two big things ahead of us. including the doj could of had a broad range of outcomes. it was bad for the company. removing that in december or january, completely reset the system so now, we can look at our capital planning.

deutsche bank, and its growth. trading its peers in the first quarter. a month after an underwhelming quarter reignite it again about the ceos ability to recover lost ground. 24%our u.s. peers saw a gain in fixed income and currency trading. 11% gain. are you firing on all cylinders in this quarter? >> two messages. we are not yet firing on all cylinders. we have seen the turning point in every space. we are very strong when it comes to more complex solutions. that tends to not happen overnight. it takes more time. there are many things we're working on so i am optimistic about the future. >> barclays becoming the latest

european bank to post disappointing numbers. is surpriseduncing drop in fixed income revenue. the other main trading business also fell more than expected. >> we had a very strong first quarter last year. on a quarter to quarter comparison, we did not have the uptick that a number of the u.s. banks did. in part, that was because we had a strong quarter in the first quarter of 2016. but we always want to do better but we are comfortable with how we came out and the overall profitability is making good improvements and i think we feel pretty good about the quarter. ubs saw climbs from the first quarter, boosting earnings to the wealth management. beating analyst estimates. >> the strength is something you

have been seeing for the last three or four years. we had a 24% return on capital. without compromising on quality and excellence of what we do. we are a leader in many areas of the business but we are the one that we choose to compete. >> shares in mobile telecom company ericsson. economy to revive the -- the company, they plan to intensify efforts to cut costs. had a top first quarter, clearly, highlighting the need for more -- for a more focused strategy. in the first quarter, we saw it was still a mixed picture. our networks which have been three quarters of our business doing fine and having stable the i.t., cloud,

and media have accelerated. we have said that we need to take focused, structured actions which we do with our new strategy to get the costs to be competitive. >> let us talk about samsung. on track for its best year ever. net income rose to $7 billion last quarter beating estimates by 10%. >> mixed signals coming out of the earnings. the net income is very strong. revenue was a little bit light. the headline is that samsung has decided not to convert into a holding company which had been one of the point pushed by activist paul singer elliott as he was trying to get the company to move in that direction and be a little more accountable to shareholders. partly, they are able to say that because the business has been doing so well. >> amazon shares popping. the e-commerce giant posting a

23% increase in profit. the company cloud services reported 43% increase in sales. jeff bezos highlighted the success as it pushes into international expansion, particularly in india. revenue in line. but growing at quite a click. prime and fda. they are executing well on all cylinders. thatld investment cycle amazon embarks on, we can deliver top line growth and we will be ok. if we increase spending to bolster our growth story. perspective, the north american margins are steady at the international losses continue because they are expanding aggressively there. they have a lot of opportunities to expand prime internationally.

this growth runway continues. it is showing that they can execute against these numbers. >> let us continue on the tech earnings been answer. out for that. a year jumped 22% from ago, at just over $20 million. beating industry expectations. while revenue from its other unit, showed improvement generating $244 million. notlphabet is benefiting only from their traditional search business as they migrate to mobile but also the you tube business. there has been concerned about the you tube business and its health given some of the issues with advertisers but that is a huge business for google and continues to put up strong topline growth. there is a lot here for the bulls to be happy with, with google. >> q1, paid clicks, 44%.

will they be able to succeed on mobile? a lot of concerns but it seemed like a total juggernaut. >> along with facebook, they continue to manage that market share. they are fighting back. they realize facebook is right there. also this week, bloomberg television profiled a startup finding success in the growing area of retail, online personal shopping. the three gold company just raised --. cofounder described the journey from small to big. it is a personalized, online shopping service for women size 14 and above. plus sized women in the u.s. big about 67% of the population in the us and shockingly, it only makes up 70% of the apparel

segment in the u.s. line this is really bringing this style to the people. one of the things that was clear for our custom -- for our customer is that she was misunderstood. people who hadf theingful sway and with gatekeepers of the community were the bloggers. and bloggers are smart advocates. from there, we benefited from word of mouth and the power of a positive experience. that wequickly realized had this growing and avid customer base. where we was having the biggest was that we were based in new york city. we would scour manhattan to find the best merchandise. able to worke were

with a group of designers that i agreed to partnering with us and to expand what they were offering. we worked with some of the best designs in the -- designers in the industry. , in a lot of ways make up the backbone of the company. the brands elevated by taking out a full-page ad in the new york times during fashion week. to step up the conversation around inclusivity. have a move from speaking about inclusivity to actually producing garments that women can wear. that is a role that we play and we feel a responsibility to play for our customers. the core of our products is understanding our customer as well as possible. wellrve women who are along in there's -- and their

understanding of the styles that they like. it becomes an in derivative -- it becomes an iterative relationship. ♪

♪ this is my terminal. there is a spread. in the last three days. lower on friday. a massive cap on sunday as soon as trading started. we are now act out to 49 basis points. you can see the yellow circle. confidence surged to the highest

ever since the survey began in 1996. david:in the last three days. there are about 30,000 functions on the bloomberg. we like to show you our favorites. here is another function you will find useful. go. here is a quick take from this week. not likes today are what they were from the movies in the 1980's and 1990's. now, cyber criminals can be state-sponsored, breaking into servers and disrupting national elections. >> one lesson they may draw is that they were successful because they introduced chaos and disruption. release piles to of sensitive data. or they can be agents looking to -- the cia'sa ice own hacking ability.

luckily, as hackers get more sophisticated, so are the safeguards that protect the sensitive data. here is the situation. since 2005, within 5500 data breaches have been found in the u.s. the biggest was the adobe hack in 2015. individuals are not the only ones at risk. the u.s. has been battling an escalating cyber were with countries like china and russia for years. multiple u.s. agencies concluded that russia was behind the hack of 20,000 democratic national committee emails posted online hoping to influence the election in the favor of donald trump. the conclusion that the russian president denies. if proper precautions are taken, not all hack attacks have unhappy ending. cardy, 2014, one million payments were stolen from target but they were useless because the pin codes were encrypted and

the banks immediately canceled all of the compromised accounts. cybersecurity is both worse and better than it has ever been. the size, scope, infrequency from attackers have skyrocketed but the safeguards are always being improved. the massive 2014 at tech of jp morgan did result a financial losses for the customers who were covered by consumer protection laws but it did allow jp morgan to build a vast cybersecurity operation. and he was eventually identified and indicted the hacker. however, keeping data secure requires constantly updating technologies and expensive human monitors watching for any signs of trouble. high price tag. david: that was just one of the you can find on the bloomberg. you can also find them at bloomberg.com along with all of the latest business news and analysis 24 hours a day.

that will be all for "bloomberg best." thank you for watching. i am david gura. this is bloomberg. ♪

>> there were almost two incidents where you lost your life. >> and m-16 round went through my chest. >> and to get out of the hospital, you show them you could do push-ups. >> is the only time i stopped at 50. >> you had never once had people working under you directly were killed in action. president obama calls you into the office. >> when the president asks you to do something, you do it. >> please ask your time,