bankruptcy, between 10 and 50 million in liabilities and crude oil down for a sixth straight session since the end of may. hello, everyone, i'm erin burn net with a special edition of "street signs." i'm here at the allen and company sun valley conference, some of the biggest business leaders in the world are joined here talking about everything from finance to health care to media. first, a rare exclusive interview with ken chenault speaking about what's going on and what he knows about the american consumer and economy and what he says is potentially the biggest opportunity right now. also on the program today, we're going to be joined by vice chairman of chase, that is jimmy lee, another exclusive interview, top deal maker on wall street, known as the rain maker, top ten deals of 2009.

we'll ask him in the credit crisis is over and who is doing deals and tom brokaw will be biking up here to talk to us and we have big media news coming later on in the hour. our show starts right now. we are live at the sun valley media conference in idaho. we have a big show lined up for you. we want to begin with a look at the major market averages, we are down in the 20s. for the dow down around 100 earlier in the session. a bit of a come back across the board even oil prices have been coming down. let's get straight to the traders. we have art from the new york stock change and rick santelli back in chicago. art, top story for you today? >> reporter: top story was the terrific response to the ten-year treasury auction. and that helped bail the market out. we were starting to fall apart.

technically people were wored about that breaking down. when the good news came on the 10-year it bailed them out. that glow is starting wear off, however. >> $73 billion of new issuance getting this week. does the market have the appetite for that sort of debt? >> reporter: yes, including the tips, that's the neighborhood we're in. there's a huge appetite. remember, one of the most important issues trying to sell anything in life is the price. and the price just since the last auction in ten years a month ago gone from 399, 4% to where the paper moved today at 3.36 and a half yield. that concession along with the notion that at this point in time as art pointed out a weaker base on equities, plenty of buyers for the 10-year auction today. >> thanks very much to both of

you. rick santelli we are here in sun valley. first, a rare and exclusive interview with the ceo of american expression. ken chenault joins us now. it's wonderful to see you. we spent time talking about the economy. i want to start off you with here with what is the biggest question out there. you see it in the market every day, are we in an economic recovery at this point or not. >> i think it's way too early to say we're in a economic recovery. i think what's important is that at least what we're seeing is some stabilization. if we think about where things were last fall with the credit market seizing up, it was a frightening situation. so stability i think it important. i think that's been very helpful. what i would say is there are some signs that potentially could lead to some green chutes.

fram for example as a look at our business and card billings for the last several months, we've been in the same range. we've had double digit declines but now we've held. >> you're at zero. >> i wish i was totally flat but we're off a double digit decline but have not seen further declines but we have not seen any increases. but to have several months of stability and billings i think is encouraging but wouldn't characterize it as a recovery. if we can go for another two or three months and start to see some build, then that's going to be pretty encouraging. i think with respect to credit, what we are seeing write-offs are going up, they are going up in general for the industry. there are always outliaers goin up in general nor the sector but at a slower rate. what's going to be very important is to examine the roll

rates and credit performance of companies with respect to second quarter earnings, then we'll get a better idea if there's been a turn on the credit side. >> it sounds like there's signs of stabilization encouraging but not fair at this point to call them green chutes, i know we were laughing this morning, what word would you use. would not be a word that strong. >> it would not be green chutes. i think this housing crisis and the collapse of the housing crisis was unprecedented and had a major impact. as opposed to different down turns the impact on the high end afluent spender has been substantial. clearly discretionary spending has been impacted but also nondiscretionary spending has been impacted. i think what is important is at least we're having some stabilization. >> when you look at where we go from here for american express, are you now planning for further

ahead? when you talk about nine months ago you were trying to get through the day. and you paid the t.a.r.p. money back in june and viewers have seen that already. make sure we put that on the record. what is your planning horizon now. are you planning out three months or planning out a year? >> i think what's very important in times of uncertainty and down turn is that's where you focus on the opportunity. you've got to plan for short term but you also have to do in the context of the long term. if we go back several months ago, i had three priorities for the company, stay liquid and stay profitable and selectively in growth. we have made progress against each of those. going forward, i see substantial opportunities that we're going to invest in and have been investing in. one is if we look at the penetration of plastic against cash and checks in the u.s., it's at a 5% level. if we look in the international

market. >> that means 45% of the people who could have a credit card have one. >> that means 45% and you think in a market like this -- >> or 800 because everyone has eight of them. >> the penetration of plastic against cash and checks at 45% in the u.s., 25% in outside the u.s. and then you look at small business and look at middle market and you have penetration levels of 15% and under -- >> how much money would you say we're investing in opportunity? how much money is that actually mean you're putting on the table and where? >> i'm not going to reveal what our overall investment level is, what i would say is better investing substantially and have been throughout the year. we have cut back selectishly on investments and not investing at the same level we did last year. we also believe we have very strong opportunities. one is we look at co-brands, we

have a major investment in our delta northwest portfolio, that provides substantial opportunity. business to business is an area of substantial opportunity because the reality is in a down turn companies want to understand how they should purchase in a more efficient way and we in fact have the products and services that can help them do that. we have a business where we partner with banks issuing amex issued cards. >> you mentioned co-branded. it is rather well know citigroup is looking to sell its co-branded cord business. >> the focus is on the private label business and from our standpoint, we're very focused on a high end afluent client. >> does citi have the business. >> they have a range of

co-brands and i wouldn't want to comment -- >> i mean hypothetically. >> what i would separate out from the criteria, what we would look at, it would have to be if the economics were attractive, a high end co-branded product but not a private label. >> because it seems to me citi is one example. but if we're you, you have cash, taking deposits now, technically a bank with cds, you have money and self-funding. ge's credit business has been for sale for a while. are you waiting because you are think prices will go down further to buy more card businesses. >> i think what's important for us, we set out our strategy, we need to make sure it is aligned with what the objectives are and what we are interested in is afluent high spending customer who's are highly credit worthy. we have to be very selective and careful. and the reality is, we have a

substantial number of organic growth opportunities. now, last year we purchased ge's corporate card business. that was a very attractive business. it has gone very well for zblus it was good for us with american express we switched to amex on the corporate front. >> i hope we're serving you well. >> i do use other credit cards as well. let me ask a few questions about credit card reform. credit card reform is something that has happened and not taken effect. a lot of concerns about what exactly might happen here. you have been vocal in saying you're very concerned about the credit card reform act. if you could change it, what would you change? >> here's what i think is important. i believe very strongly that the credit card industry needed to be reform theed. i think there were practical relative to back end pricing and relative to certain types of

fees. there needs to be more disclosure and transparency. i was very supportive of the president's move to reform the credit card industry. however, in some areas, i think it went too far. one example would be the more limited opportunities to dynamically price, because risk based pricing is important. we live in a dynamic environment. if someone's financial situation changes dramatically and you don't have the flexibility to price, what's going to happen. the very people who need credit will not be able to obtain it at the same level and it will be more expensive. for our company, you don't economics are set up differently. 80% of our revenues are generated from card fees -- >> every year -- >> as opposed to -- >> we're not as reliant as other competitors on spread revenue.

from a public policy standpoint i have a concern as we're trying to restore the economy, because consumer spending is two thirds of our economy, and i think what's very, very important is that when we put in regulation, the question needs to be asked, will this regulation restore consumer confidence and in fact improve the economy. i have a concern that this regulation, parts of it, may stifle the growth that we need in our economy. >> i mean, that the legislation could stifle is important and a lot of people in washington should be thinking about. does this mean though when you say it won't affect american express specifically as much as your competitors. do you think there will be a major card company in the country that faces distress and whether that deals with a bailout, we hear about an act that may end up causing real

pain to some companies. is that going to be an outcome? >> at the end of the day the major credit card companies will figure out a way based on the services they offer to manage through the changes. what we've got to ask ourselves, what's the impact on the economy. and i think that public policy issue should be there. i do not believe that most credit card companies will in fact go out of business. i think some card companies will have difficulty. i think most of the major companies will be able to manage through the changes and let me emphasize while our situation is very different, we're going to be impacted. but we just will not be impacted as much as our competitors. >> the savings rate. we talk about this in the panel as well. whether you believe the government number exactly or not, it has gone up. and you are the person who perhaps is more at stake than anyone else. how much more will it come back? when we come back to an ee quill

lib bree up for savings in the country, what's the number. >> i can't project out what the growth of the savings rate will be, i think what's important the pen did you lum is swinging back. i think one of the permanent changes we're going to see is that people in the united states will save more and i think that's constructive. i think what's happening is, what we're seeing is a rebalancing of the household balance sheet. and i think that will create a foundation so that we can then return to some spending growth. >> and, final question. the u.s. economy. when is your best guess as to when it actually grows again. what does it have a green arrow in front of it on gdp? >> very hard to predict what i would hope is that we would start to see some improvement sometime in the second half of 2010.

again, that depends on jobs, are they being created, very importantly consumer confidence. and if that happens, terrific, but that's not how i'm planning to manage my business. the way i'm managing our business is what are different scenarios, growth scenarios and what are different scenarios of contraction and how do we identify different areas to grow? one of ways to do that in an uncertain time is to provide customerwise unparalleled surface because the reputation and brand of companies, we have an advantage there. >> we very much appreciate your taking the time. ken chenault the chairman and ceo of american express. many scenarios but second half of 2010 would be really what he's looking for for potential economic recovery. we'll find out what jim cramer has to say about that and his

trades. then wall street's trillion dollar deal maker, jp morgan's chase will be here. we'll be right back. with annuities from fidelity turn your savings into income --uaranteed, and get a retirent "paycheck" folife -guaranteed.

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requested jim cramer is here to talk to us. something ken said at the end of if not slightly optimistic case was in november of next year. >> there wasn't anything good about what he said. i struggle through temperature he didn't emphasize what his credit losses will be pt he did talk about taking some share. this was -- to me, i know he probably would not agree with this characterization, it was little if any hope interview. and given how central american express is to the economy, it -- >> said no green chutes, none. >> it was just bad. unfortunately comes at a time when people believe we're taking a down hard turn again.

i wish i also felt that i wish the president understood what he had to say about credit cards. he talked about the notion -- i know it's a little bit -- about adjusting the rates. it doesn't help to have people be priced out of the credit card market. while i like the thees sis that people don't have enough credit cards, i came away saying it's too high. >> i said at the top of the show, i thought people would be surprised. i have to be honest, i was expecting him to be a little bit more positive. i talked to him before the interview, i knew he wouldn't be but -- >> when he comes on -- >> not ever done an interview. >> i thought he might use it as an opportunity, we look at our book of business and starting to see signs it's getting better. what he was saying is simply not getting worse. >> he did say one thing, that was the stabilization, said we were down 20, double digits for the past couple of months we've been flat. he did say, if that continues

another few months maybe i'll call it a green chute but -- >> the market moved 2,000 points, didn't move 2,000 points in the idea that nothing is getting better, it moved on the idea in the past six or seven weeks we have better numbers. he confirms what the unemployment number is showing, it's not any good out there right now. >> no, i appreciated his honesty, i thought it was -- i was surprised at how concerned he really was -- >> he's got small business, travel. >> yes. he's got everything. but he did say two things i thought were interesting, he is out looking for a co-branded card business, high end which would exclude citi on some level. he is also is, we talked about earlier, he is aggressively xpapding in places like india.

>> we're u.s. focused. to me that says, listen in this country right now, whether it be obama or the economy, this country is not worth investing in of any size versus goal overseas. i hate to hear that, listen we would rather leave this country to get growth. that's not the message president obama is trying to portray, it is the message business is giving him though. >> i was glad he made the point about the credit card legislation, he was thoughtful and knnew answered about it. >> he did explain, if you want to help people who aren't doing well, don't make it so the credit card companies take no risk with them. it was an important interview and really negative interview about the economy, not about american express. my take away is he has a great brand, he can figure out how to internationalize it and make money, for the country, it was i

rather invest in india. >> jim, thank you and i want everyone to know jim is staying around to listen to what jimmy lee has to say. >> great interview and didn't want to -- hear what he said, have to be honest. >> i know. that's why i feel badly saying thank you. a couple of updates for you here. tom brokaw arrived on his bike. he'll take a breather and jimmy lee will answer questions about whether the age of rain maker is over or not. he's exclusively with us. we'll be back in a minute. d#: 10 "i'm rethinking everything.

tdd#: 1-800-345-2550 including who i trust toook after my money." d#: 1-800-345-2550 tdd#: 1-800-345-50 "the dust might be settlin.. tdd#: 1-800-345-50 tdd#1-800-345-2550 "i guess i just done with doing noing, you know?"

tdd#: 1-800-345-25 tdd#: 800-345-2550 "oh, i'm not thinking about moving my ney. td: 1-80345-2550 i am moving it."

it is beautiful here as you saw from the pictures with the

rif rivers and mountains. some of the conversation here about the economy here at sun valley, distinctly negative. here to talk about the state of the economy and deals on wall street. james lee, we appreciate you taking the time. ken chenault was here and much more negative than people perhaps would have hoped for. saying best case recover i, second half of next year and doesn't think it's fair to say there's green chutes out there right now. if he's right, what does this mean for the market? >> it's great to be here and let me compliment you and herbal len for playing the williams college card to get me on your show. by the way, i have to warn you, jamie has been coaching me.

>> if you're out there, i hope didn't listen to a word you have to say. >> back to the market, starting really in january, the high grade bond market just took off, first time they've really done that in some time since everything started. by march, the high yield market took off. by may and june, the equity markets had a couple of the best months that they've ever had. so if you think back to the fall when the regulators and the policy makers were saying we need to get the barges thawed in the river, it's thawed. all of that activity, however, has really been refinancing, haven't really been any big acquisitions. they certainty have not been the trend. the trend has been refinancing. and erin, will continue to see

that trend in the leverage finance market alone, there's one trillion of maturity that's are coming due over the next five years. >> can they refinance it? is there a market for that? some people say it's arm ged done. >> that leads back to the other part of your question, which is what is going on in the economy. one reason, for example, the market has been quiet to say the least, in fact the second quarter of 2009 was one of the quietest quarters over the last ten years, one reason for that. there's this real mexican standoff between buyers and sellers. sellers look back at their 52-week high and say, gee, wasn't that terrific. and buyers, many of whom out here in sun valley are saying where's the bargain. you've really got this stand

joch. in the meantime, everybody has been accumulating cash, pushing maturities out in terms of refinancing, not spending and at some stage this m and a market will come alive in a really big way. that's traditionally how this all plays out. >> let me throw up -- you've seen us do this this morning, our multiple choice screen in terms of where we are. there were several choices in terms of what's going to happen with u.s. economy, japan, argentina, the great depression, d, stagflation 70s or e other. from your position dealing with anybody who's going to be doing a deal or refinancing a deal, advising gm and chrysler on these, what's the right choice? >> my opinion on this topic is first and foremost, geithner and

paulson did a brave, swift action that stabilized everything and started to restore confidence. i think the new administration has come in and they've stepped that up, let's face it. look what they did with the car companies and a lot of other areas. >> you think we're on the right track? >> i do think that's on right track, but, ha has to happen now, democrats and republicans and private sector, people on the hill and white house, as americans we have to work together to make sure we don't end up in any one of those places that you've just articulated. i'm a long-term optimist in our country and in our company, i might add. >> 34 years at one company. you would think i could get it a new job at some stage -- >> let me ask the question that a lot of people are asking. there are head hunters all over

wall street and a lot of people are leaving. would you advice someone to go to wall street right now and do you even in your own position after 34 years think jp morgan chase will be a place where you can make money and do deals now that you've got the government involved? >> first of all, i'll try not to belabor this. i thing wall street is one of many places that young people can go. whenever i speak to young people, there's a lot of great jobs out there. the key is not what great job you end up with, or how hard do you try to become the best that there is at that job. now, in the case of wall street, what's in wall street? a lot of smart people and hard working people and a lot of intellectual stimulation and a lot of good people to work with. that's what i have. i'm lucky to have -- >> money was a big part of it. you could earn money on wall street. can you still?

>> here's my theory on that. that's a much longer discussion than we have right now. i think money is a trailing variable and i think what counts the most in anyone's endeavor, whether it's you doing your job, me doing my job, tom brokaw doing his job, it's just being the best you can be. success and money and whatever else turns you on will follow that. those -- >> you are an eternal optimist and you're a client guy. two quick questions for you, your credited as inventing the syndicated loan, last year almost nothing because it was in many ways ground zero of the crisis, taking loans and selling them to other people. what's the next big product on wall street. >> there's at least three things that are in some dysfunctional state right now. the whole asset backed market has ground to a halt. i'm not talking about what no

one wants to bring back the the super complex securities that never should have been issued and hopefully that's gone forever. i'm not talking about that. i'm talking about simply those finance companies that use receivables to finance themselves. something needs to be done about that market. it's a huge market, number one. number two. the institutional market in the leverage buyouts and all noninvestment finance, that's all almost gone. imagine this. in the height of the lbos there was in 2005, a $4 billion b loan done, the next year there was like a $10 billion b loan done then the txu deal, that famous one of the last ones, $21 billion b loan done. now you can probably only do a $1 billion b loan.

something has to be done there. the next thing is revofling credit. that is a difficult market and something needs to be done there. >> three opportunities for you then. thanks for taking the time. >> jimmy lee, vice president of jp morgan chase. jim reacts and tom brokaw will be coming your way. we have some news on the media front and we have that -- actually a new television channel. we'll be right back. we have ever created. awaken its driver

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welcome back to sun valley, we're here in idaho. you heard jimmy lee, i want to say the most interesting thing he said is refinancing are getting done and pushing out maturities. that would seem to -- i don't know if you would go so far as to call it a green chute. >> i felt jimmy was saying, listen, the crisis is over and the government has done a great job and we're trying to get back to business as usual. which is better than ken

chenault for american express saying listen, nothing has really improved. however, again, his last question addressing what you talked about, the asset backed market, going from 20 billion to 1 billion. what he's saying, there's no financing for anything big but we're not completely shutting down as an economy. long-term optimism, yes, that's his style he's a banker and best in the country. >> that is his style. i also thought -- he had three ideas i thought specifically about, where there's opportunity, that people are creating products and things, which is more than you would have heard even four months ago. >> jim, on the back -- >> i mean, what was i looking for him to say? i was looking for him to say, it was a crucial moment in the interview, we've had two great months in the market. what i was hoping and hanging on every word, then going to say, and it's justified by what i see at chase. but holy cow, he didn't, said we

had two great months on the market. what a great opportunity to say -- >> i think ma may have been purposeful, staying away from chase specifically. >> i would have loved to hear that he sees there's more competitive business. a lot of people feel the banks have never been busier. i come away saying why are we at dow 8100 after listening to jamie lee, this is the man who has been at the heart of almost all finance in this country for the last 30 years. >> yes, he has been and doing gm and chrysler financing. >> the mountains look beautiful but the market looks ugly? >> you know, it looks high. it doesn't look ugly, it looks high. i feel we're not thinking about the greatness that will come from lower graasoline, which waa better stimulus than any check

from the government. we're not thinking about the cusp of an earning season that may put surprising earnings and we are letting, what i would say the emotions coming from washington, all negative, infact our thinking which therefore sends the market lower. >> on that note, try to spin it positive. what would be the one tratd on gasoline? you have a creative one. >> i see it -- you want green chutes and i think we have to give one. didn't get any from chenault or lee. i look at ruby tuesday, a place i like to eat, much better earnings. profiled charming shops last night, inventory down. the tween brands bid, we're seeing decent fast food and also higher end restaurants, these are all things that will be accelerated to the upside on lower gasoline.

before people laugh at what i'm talking about, remember the bottom occurred not in march of this market, but with the beginning of the brinker car den rally that carried off into the nordstorms and macy's, when gasoline goes down it's a tax decrease, far bigger than anything that the government is thinking about. >> jim, we'll leave it with your three positives. >> can you cheer those guys up? >> sorry i couldn't give you anything else. >> tom brokaw is the ultimate green chute. >> in case anyone does not know who watches street signs jim's daughter will be a field hockey goalie at williams next year. jim, thanks for being a part of the show an reacting to the interviews. we appreciate that. even at sun valley health care is a big topic.

tom brokaw is thinking about that in between his other activities and will be with us right after this break. a quick reminder, all of the recommendations expressed by jim cramer are solely his and not the opinions of cnbc and may have been previously disseminated by him. before acting on a recommendation, consider its suitability for your cistances and consider seeking advi from your own financiaadviser. i get the questi oes it work?" all the time, and you knowt, it works.

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in sun valley, people are talking about the economy and people are talking about the market and people are talking about health care and whether we are going to get any kind of reform out of washington that makes sense for this country. tom brokaw joins us now to talk a little bit about that. he's at the center of the conversation and it's wonderful to be here with you, tom. >> welcome to my part of the world. >> this is -- you advertise this would be glorious and it really is. i'm excited to go hiking later on. health care, you'll be talking to everyone about that. what are the main questions we could get answers to? >> three main questions right now, we're approaching critical mass in washington, a lot of people are staying behind to work on the bill rahm emanuel

didn't goat to russia, three b questions. first one is, how much is it going to cost. and that's a very elusive number, ceo came and said, we're talking $1.1 trillion. eight days later came back on the hill, saying we can do this for $650 billion. i don't know where they found the 600 billion in the last six days. then the next big question, should it be mandated. should everyone have health insurance and should every employer be required to provide health insurance? and then the final question, which is a really tough one, what's the role of the government. are we going to expand a medicare like program and medicaid like program? will they be the employer or insurer's last result? the end of this week, in which a lot of the design of health care in america should be evident to

us by ten days from now. >> and do you think it was interesting just a couple of days ago, the first time that i had investors on who said, we may not get health care reform, we thought we were going to get it in the 90s and we didn't. everybody has been assuming we're going to get the health care reform. >> it's so complicated, erin. here's one of my concerns at this point, i've been thinking about this the last couple of days. we rushed to a couple of big agencies after 9/11 and reorganized the intelligence community in america and reorganized homeland security. when it came to homeland security, one said it was a system designed to fail and it met its mission. i think the danger in trying to put this together, health care for the long term while trying to recover from the recession and the president is spending a lot of time abroad on very important issues, we could end up with the camel designed by a

committee set out to buy a horse. that's the danger. there may be the possibility we'll do something piecemeal and take care of the people uninsured. obama says he doesn't believe everybody should be required to have health insurance. >> what you were talking about here at sun valley, you're in the midst of a big project, going across the country on route 50 and focusing on the economy and american stories all the way across. where are you and what have you heard? >> we're focusing on, where is the country? where does it want to go and how does it want to get there? i've been out longer than a care to acknowledge, that too many during the dialogue during crises are between washington and new york. there's great wisdom in the country, that's where the pain

is being felt and the effect of this economic down turn taki taking hold. so we started on route 50, and we're working our a way across. but the big piece of it is the american character, which is the central theme of the usa network. and there are patrons in all this, and a lot of the material i'm gathering is appearing there. who are we now at the beginning of the 21st century? and i think we're probably finding two or three consistent themes. one is that people say it was time for this reset, we were in a binge. nobody's whining that i've encountered so far. nobody's standing, throwing -- stamping their feet on the ground, saying i'm being treated unfairly. people are doing the right thing. they're cutting out their credit cards. they're cutting back cable television. they're not eating out as much. but still it's a losing game for many of them. the next one we'll do will be from the border between ohio and indiana. dhl is shutting down its enterprises there. 15,000 jobs are at risk. a young father, four children,

one with cerebral pallsy, trying to do all the right things. he's worked for the company for a long time. he's going to lose his job at the end of july. and what happens to him then? he's tried very hard in the last year to retrain as an emt. but nothing is on the horizon for him. >> well, tom, thank you so much. and we're going to look forward to talking to you a lot more about that project in particular. tom brokaw joining us here in sun valley. we're going to take a brief break, and our special edition of "street signs" will be back with media news as we promised. you have queions. who can give you t nancial advice you need? where will you find the stability and resources to keep you ahead ofhis rapidly evolvingorld? where will you find these e tough questions.ces that's why we brought together two of the most powerful names the industry. where will you find these e tough questions.ces inoducing morgan stanley smith rney. here to rethink wealth manement. here to answer... your qstions. morgan stanley sth barney. a new weth management firm with over 130 year of experience.

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and you are looking at a live picture of sun valley, idaho. among some of the activities here at the allen & company conference you can go hiking, you can go fly-fishing, you can go whitewater rafting, they informed us, though, if you're not a good swimmer please don't do it. whitewater raft at your own risk. but there are other afrkts as well. tomorrow on "street signs" and also on "squawk on the street" we have some guests continuing on the back of the interviews we've had for you today. here are a few of the highlights that people are going to be speaking with. one of the rising stars of the democratic party cory booker is going to be with us. he's the mayor of newark, new jersey. some say he could be much more than that in the future. credited with a big economic turnaround. nassef sawiris. orascom construction company. and the man you see there is the richest man in egypt. and i want to emphasize that's a big part of this conference.

it's global. the king of jordan is here, the president of colombia, general petraeus. they're going to be talking about iran and geopolitics. and we are going to be covering that angle as well. on the investing side david barse will be our guest the ceo of third avenue management. we'll also be covering media. always a traditional part of this conference. jeff zucker will be our guest. obviously the president and ceo of universal. and tom friedman will be weighing in with his thoughts. obviously the pulitzer prize-winning columnist from the "new york times." all right. up next a media deal here at sun brief break. we'll be back with tspecial guest. fome to uh check my blo sugar before i go on stage being on when i'm eling low it does at tim feel like my body is telling me to do one thing... and, my mind, my hea is telling me to do sething else. managing my highand lows is super important. with my contour mer i can personalize my high/lo settings so it ally does miomanage where my blood sugar eds to be. m nick jonas and never owg down is my simple win.

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covering the olympics. the goal is to keep olympic sports at the top of your mind all the time, not just every four years. the former chairman of the u.s. olympic committee, peter ueberroth. it's great to have you with us, peter. appreciate you taking the time. quick question for you. this deal, this is a totally new network, right? >> exactly. >> and it's starting on comcast but you'd like it to go elsewhere, too, right? >> yes. all the cable operators, we're talking to them, and we want it to be in as many homes as possible. >> can i read anything into the economy that you got a deal done, you're launching a new channel, anything like that, or would that be too much? >> no, it's happened at the right time. you know, the public is demanding the fact that -- to see the olympics every two years. that's not enough. there's 45 sports that are played in this create country, and they're just not on television. they're going to be on television through us. >> you have the olympics, obviously, but then you have all the things leading up to them, all the competitions. >> nbc has the olympics and they do a great job. we're going to do everything from the beginning -- >> till then.

>> and then we have the next olympics, obviously, in vancouver. but you hypothetically could be bidding for a future olympics. >> we can't bid against a network. nbc does a great job. that's not -- right now the volleyball players -- >> you remember what channel you're on. >> well, listen, pebble beach, you're going to be at our resort with the open. >> absolutely. as we lead up into that. final question to you. in october, october 2nd, we should find out who gets the next olympics. >> exactly. >> and chicago is hopeful. >> chicago's a terrific bid. they should get it. i can't predict it. but they've done a great job. pat ryan, the may, the people of the chicago. and guess what, they've got the president of the united states coming from there. those are good omens. and we hope to get it. >> and what's next for you after comcast? are you in active conversations with other cable networks to try to carry this? >> we're talking to all of them, and most of them are here. we started this two years ago. everyb