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11 people charged by the s.e.c. with insider trading, five of those charged with in connection with safeco's acquisition by liberty mutual, six charged with illegal trading in connection with the acquisition by a private equity firm. back to you. >> thank you very much, mare,. jack, it's been a pleasure to have you here. good luck with the book. >> thank you. "street signs" begins in five seconds with those fed minutes. see you tomorrow. hello, everybody. welcome to "street signs." the rally rolling on, stocks up nearly 200 points, and transports on the track. one of the biggest hedge fund managers in the world with us, and the biggest part of the american economy is health care,

congress trying to pass new spending to ensure 10 million people have an overhaul. that's no overhaul, but we have something that won't cost any money that is a overhaul. hampton pearson has more. >> from the minutes of the june meeting,ed fed say the top priority developing tools to remove policy accommodation smoothly and at the appropriate time. fomc staff agrees that the fed already has and can develop tools. agreeing, however, that most backup liquidity facilities should be extended into early next year. market kins, the minutes say, remain fragile. hour however, if improvements continue, a number of those facility may not need extension beyond february 1st of next year.. the committee agreed to changes to program of asset purchases is not warranted at this time. while it might provided some

additional support. were uncertain. the economic outlike revised upward. but labor market conditions remain a major concern.. the updated economic outlook for the remainder of 2009, gdp, in a range of a negative 1.5% to 1%. unemployment in the 9.8% to 10.1% range, and core pce inflation, 1.3 to 1.6%. looking ahead to 2010. positive growth, unemployment declining slightly, and core pce inflation, 1.0% to 1.5%. a slow recovery, trouble with the job markets and moderating inflation concerns. erin? >> thank you very much, hampton pearson. the gdp decline -- that is

right? >> yes. >> i'm just making sure i've got that right. thank you, hampton. let's get market reaction. so down 2.1 to 3.3 next year, a bit of a decline from what we had seen in the earlier forecast. so far you can see the market reaction, we're still up 200, so taking this one completely in stride, there it is. the new one, we're looking for 2.1 for 3.3, the only 2 to 3, that's what it will be. let's talk about the dow, s&p up 5% so far this week, nasdaq up for the sixth day running. bob pisani is on the floor of the big board. some analysis, just making sure i'm looking at this gdp. it looks like an increase. >> and an upgrade. also 2009, you showed the 2010, but they also upgraded 2009. three points they're talking

about down here. first, very clear outline for an exit strategy. top priority, developing tools to remove policy accommodations at the appropriate time. there's your exit strategy statement. clearly signals they're worried about inflation. and finally i think the most important thing is the economic outlook upgraded. there's been a lot of positive catalyst, with intel, and credit card company. we have a weaker dollar, a number of factors, and erin, the s&p is up 5.5% in three days, the best three days we've had going back for three months right now. >> one thing that's interesting is they also upgraded the forecast for the unemployment. they think unemployment will actually be worse than they

originally thought, but growth will be better? >> right. and it was 9% to 9.5%. as everybody knows, unemployment is a lagging indicator and they're acknowledging that now. >> it will be interesting to see if it comes to fruition this time. >> bob pisani, thank you very much. we'll check in with bob as we continue to watch the market, that's at its highs. the emphasis is they have upgrading the forecast for 2010, but unemployment revised as worse than originally anticipated. the fear factor front and center, will ben bernanke stay or go? that could have a lot to do with the forecast hampton was just sharing with us. dick bove joins us, dan greenhouse also, great to have both of you with us. first, your reaction from what

you heard from hampton, the change on unemployment, inflation and gdp? >> it's pretty much in line with what private forecasters have been saying for some time now. we'll see a bit of a less of a drag from the trade data, a bit of a positive contribution from inventories, so in this respect, the fed is pretty much sort of jumping on board with what people in the private sector are already anticipating. >> and i will emphasize a lot of the ceos we've talked to are more bearish than consensus economists or the fed at this point. but who knows, they could be wrong. dick bove, what about the role of ben bernanke in all of this? we could potential have a change of who is running the fed at the beginning of the year, and you think that could be disruptive? >> i think it could be disastrous. he's shown himself as a dynamic leader, willing to make hard decisions, flexible in reacting to events that have occurred. in terms of that minutes that

just came out, if you look at the balance sheet over the last couple weeks, the fed is already moving in that direction. it's shrinking its balance sheet, and increasing treasuries, so i think this guy, you know is really atuned to the market. by that, enmy the overall economy, and he's operating in the exactly the right fashion in those markets. >> your view would be if he ways possibly replaced by larry summers, that would be the worst? >> it's not that summers is a political appointee, it's that he's bringing a program with h him, a program which the administration has brought to congress, which is to regulate all aspects of the financial industry, so any person who would come to the fed, who wants to push that program is going to put us right back into the

recession, because what this program ultimately does is that it contracts the flow of funds to the u.s. economy, and in that contraction, it puts us back in the recession. >> what's your view on the flexibility that the president has to change who is at the helm of the fed? >> it's the president's prerogative to appoint whoever he wants. while dick and i gray on several issues in the past, this is one that i agree with him on. the only thing i would note specifically is i just find it somewhat ironic that larry summers particularly is cited as being, quotes/unquote a political appointment, by many people, not just dick. so i agree as a thesis that there are some issues, i think there's a bit of a double standard going on here. >> that's interesting. i would think whoever was in any administration if they were in the party, if they picked them,

they would be political. >> i agree. final word, dick bove, what do you read into today's and yesterday's rally? and in particular the masters trust data. i don't want to use too strong a word, but a slight improvement in credit card delinquencies?s? >> i think we're seeing hope on the part of the market when we're getting nonperforming figures out of the banks over the next few days, they'll show a slowing in growth in nonperforming assets. if we see that, that's usually the trigger point which sends bank stocks up sharply. if we see the opposite happening, and i don't think we will, then this rally will die, but if we see nonperforming assets, so to speak, bend over in terms of the growth rate, you will see this rally get more legs and continue. >> thank you very much, look forward to seeing both of you soon. hedge funds are heading to

the hill today, and at stake is the future rules for the industry, and perhaps a direction of the overall market. the senate banking subcommittee on securities is about to start on the proceeding. before he goes over to testify, "wall street journal" legend jim chenos is with us. also good to have you here. we appreciate it. >> good to be here as always. >> since we did have the breaking headlines from the fed in terms every their outlook, upgrading the growth outlook, but downgrading the unemployment outlook, do you think they're close? >> close to what? >> in terms of accurate. >> first of all, i'm thankful i'm in washington today, and not on my trading desk with the market up 200 as a short seller, but i'll defer that to the fed person you had on before. i really just don't know, that's not our area. today on behalf of the industry,

the hedge fund regulation story. >> so let's talk about both of the things you mentioned, but let's go on the hedge fund regulation. what's your overall goal? you have acknowledged plaps there needs to be changes in how things are handled. in a couple bullets in english, to a wide audience, what would you change? >> what we would change is that we would ask for an actual legislative authority to cover all private investment funds, whether it's hedge funds, venture capital, private equity, we think it's much better that it has a mandate, as opposed to rulemaking that can be subject to interpretation. so we're asking congress to tell the industry the rules of the road so we can go forward knowing what those are. >> who would you want as your regulator? >> again i think right now, with

president obama's plan, it would appear that the s.e.c. will still be the hedge fund industry's main regulator, but large hedge funds will be as well under a systemic risk regulator, whoever that will be. >> that's something that could affect you in the systemic risk sense. so what do you think on that whole debate this morning? obviously there's investors and former heads of the s.e.c. saying that regulate should not be the fed. are you among them? >> i'm not among either camp. i think there's arguments to be made that the fed could broading their scope, but on the other hand they have a pretty full plate. so i'll punt on that issue. i think it's important that we have a systemic risk regulator and he looks at the activities, not the actors, if you will, but that whoever the entity is is charged to look at what's going on in the markets, not necessarily who is doing it. >> and do you feel that people in washington are listening to you, that it's a thoughtful

conversation, or is it as polemic as it appears from afar. >> i think actually the industry and private hedge funds have made progress on capitol hill and elsewhere in washington.n. we weren't the villains in the great drama of the last two years, we didn't take taxpayer money, in fact many of my fellow members were warning people in washington about what was going to happen.n. so i think the rhetoric has died down. private investment funds are seen essential for all kinds of investors who may not even know they're invested in them, so i think washington is beginning to understand that, and understands the role. and also the industry knows it needs to be part of the whole process as well, and be part of the regulation dialogue. >> in terms of the markets overall, some of the emerging markets up 60%, 7 on% for the year. market up sharply from the march bottom. we're up 200 today. you're a person who makes your living by finding the situation

where stocks will go down. >> i'm a glass half empty kind of guy. >> and something has to be. are you finding places where that would happen? is there a situation where you could give an example of? >> keep in mind i started my fund when the dow was at 1300, so trying to make market calls on what i'm doing is -- >> and you've made a lot of money when the dow has gone up. that's fair. >> down the hallway here, they're having a pretty healthy health care debate. we've made no secret of our view that we think the health care industry is in for rough season, whether wholesale or profit reform. i think the markets will come e under a lot of pressure. >> anywhere in particular? you have publicly traded hospital companies, insurers, pharmaceutical companies. is there one group in particular that you think could be hurt the most? or is it right now sort of all

of them?? >> for 99% of your viewers, i would avoid the area if they're investors. for people who can bet on the down side, there are certainly specific companies in the device area, in the home therapy area, and even if the regular hmos that i think probably will be hit harder than ears. >> and any other sector other than health care? let's just throw it out there. goldman sachs, does that just keep going up? >> i have no idea. we're not involved in goldman sachs, and as i say, we've watched all the financials zoom here. i think there are some that are interesting on the short side, goldman isn't one, not from our perspective, anyway. but the areas that washington is paying a lot of attention to are ones that investors should avoid, the for-profit education sector we've been vocal on. we think that's an area coming under increased government scrutiny and pressure. so we're picking our spots. >> health care, for-profit

education, and some banks, avoid them like the plague. [ laughter ] >> good luck. i notice you have to get to the other side for testimony. >> i do. thank you very much. he'll be testifying to the subcommittee on securities. up next, finally we'll unveil the -- it's growing at more than 20%. we have a trade. and jim chanos may say health care is an area you want to go short on, but fixing health care does take guts. we have four tough fixes that could save billions without costing the taxpayer a cent. no one is talking about these ideas in washington right now. the rally rolls on. dow and s&p on track for the best three-day percentage gain.

this is a chart of the nasdaq for today. over the past six days, up more than 6%. at this level currently tracking its best six-day percentage gain, wow, since june. june. so really only since june. that's pretty amazing, when you think about it. gives some perspective since that march bottom.. if you're looking for a sign the global economy has turned a

corner, we found win. singapore. the nation's economy is growing at a rate of more than 20%. we're not kidding. growing more than 20%, thanks to construction and biomedical. the singapore market is up more than 35% this year, which frankly is lagging. all big emerging market economies. do you buy singapore? will the other asian economies follow? jim or i don't, and options act ensemble member, and peter kenney, managing director at knight equities. peter, you see something like growth in the quarter there, is there a trade? >> s.e.a., and yes we're talking about shipping again. singapore is the gateway to the economic bloc, association of southeast asian nations, one of the fastest-growing trading

blocs in terms of general gdp, sitting right in the middle of the world's fastest-growing shipping lanes. of course, agriculture, food specific energy, metals, oil, all of that is generated there, made there, manufacturing goods come in there, it's a very, very dynamic, economic pod, and shipping is the way that almost all of that gets moved around there. >> and what about you, jimmy? >> i my trade is more simple because the ewf. it's a huge deal that they're expanding, not the kneejerk reaction is to buy the basket and wade through the companies. if you look it's busted through the 38% retracement from the highs last year, so now or

technical objective is 1056. it seems like a good things to do. remember, singapore is an exporter nation, so this is a great sign. it means people are buying their stuff. so in order for this to be a good trade, china has to continue to grow, and u.s. has to continue to stabilize, as we say. this looks like a good place to be. there's people getting in on this now, so it's probably still has some legs to it, though. >> it is amazing, pooter kenny, when you look at the reasons cited, construction, stimulus, but biomedical certainly caught my attention. what's your next trade from here? >> next trade is malaysia, right next door, very much the same theme that jim just spoke about ironically enough, but throw in gaming, ewm, great etf, speaks to malaysia, but with a nice gaming component. this is an industry that's really showing absolutely unending growth. >> i'm glad they named their

etfs that are understandable. some can be absolutely ridiculous. your next trade, jim? >> my next is to buy canada. if the canadian dollar, etf, ten days ago we saw the unemployment number, there was a risk aversion kind of thing, and basically sold everything else to hide out. as time's worn on, we've seen some earnings that aren't as scary as we thought they were. canadian dollar has had the most decisive and dram tick move of all of them, and then a follow-through as well. canada is a young exporter, raw materials nation, and it looks like the place to be. so that's mine. >> thank you very much. jim peter and don't forget to catch it fridays at 11:30 eastern. just ahead on today, something special, nfl legend

steve young raised more than a billion to photoequity deal. there's another crock cuss. we're going to find where he's looking for deals and there's an interesting roster on this particular fund. and the president can save 4 $4 billion with the stroke of his pen pen, and by the way, it doesn't involve a tax, not a dime. we're going to explain. we'll find out if either party has the guts to make the top choices that everyone says everybody else should be making. we'll be back. could someone toss me an eleven sixteenths wrench over here? here you go. eleven sixteenths... (announcer) from designing some of the world's cleanest and most fuel-efficient jet engines... to building more wind turbines than anyone in the country... the people of ge are working together... creating innovation today for america's tomorrow. thanks! no problem!

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president obama just finishing his health care push a short time ago. health care stocks have recovered a big, they are still among the worst if not the worst sector on the day. banks continue to be the strngest. the president did make an address, and said that everyone should go ahead with his health care plan, continuing the pressure. here's a little piece. >> our nurses are on board, the american people are on board, it's now up to us. we can do what we've done so long and defer tough decisions for another day or step up and meet our responsibilities. in other words, we can lead.

>> the republican leadership has other concerns. weighing in before the president today. >> we're going to spend another 1.5 to 2 trillion if we're lucky of taxpayer money to fix a system that's already way overpriced. they tried to get it down to 600 billion by gimmicks, without telling us they'll going to go with the expansion that would cost $5 billion more. we want to get beyond the politics and get to solutions. on "street signs" we've been talking health care with ceos and doctors, and we want to bring in two congressmen tackling this legislation. and republican congressman john fleming is from louisiana, he also happens to be a family figures. gentlemen, a lot to get to. we wanted to present four ideas and get your reactions that could potentially save billions that don't appear to be getting much discussion. instead we're talking about

spending more in washington, whether for good purposes or not, is a conversation we could have, but we wanted to throw these out here. here's our first savings plan. the fact is that one third of adult americans are actually diagnosed as obese. obesity is covered by the american with his disabilities act. what that's done with many company that is we've spoken to, is prevented them from incentivizing weight loss. if you don't, your pay could be docked. our solution would be to allow company toss come up with creative ideas, and to that you would have to change the act to exclude oboozity in some way, shape or form. congressman fleming, is that an idea we should consider? >> i think we should. in my own practice, i've had a number of pabts who have come to me wanting disability stickers for their automobiles, and that sort of thing, merely because they're obese, overweight, and have difficulty walking, and

obvious times my response is that's really what i want you to do. if you're going to lose weight and be healthier, you're going to have to exercise more, and of course i as a physician exercise as well. so i do think there is -- i would like to see more details, but i think there are some good points to be made about that. >> congressman pa lone, what do you say to that, especially if people lived healthier lives, ate better and exercised more, our health care costs wouldn't go down. >> i agree, but i would say two things. one is that you probably don't have to amend the a.d.a., the americans with disabilities act. in the health care reform bill, there are a lot of incentives that go to preventative care and eating well, but i also point out it will not be scored.. in other words, when you talk about the amount of money that has to be paid for to proceed with the health care reform, these preventative measures are not scored. in other words, they create a

lot of savings over the long run as the bill does as a hole, but it's not something that we can use for budgeting purposes in passing the bill. >> i understood you on that point. let's get to the second idea. this is another statistic that may surprise a lot of people. some of our viewers know it. 30% of medicare costs are incurred in the last year of life in this country. the problem is many americans, if they had a choice earlier in the life, would make different choices about when they -- the plug was pulled.. i know it's a sort of tacky way of saying it, but people would make different decisions, a solution could be to require living wills for all americans. some say that could save a couple hundred million a year. congressman fleming? >> i very much encourage people to participate in living wills. my wife and i have one. i encourage it for my patients. i stop short of mandating it by law, but i do think living wills are important from the patient's

perspective, not from a cost savings viewpoint. >> i would agree, erin, with what congressman fleming said. we do encourage it in this bill, but because it's not mandated, this i wouldn't want to do, you don't receive the cost savings without -- >> did you say you would want to mandate it? >> no, i wouldn't. i would say we should encourage it and will encourage it, because there is no mandate, which there is not, it doesn't get scored. >> why not mandate it? >> i think the feeling is that, you know, you're now getting into a whole area that deals with morality, and people's end of life decisions, and if you mandate it, you touch upon that, and i think it will make it more difficult to pass the bill, frankly. >> and my response would be that i think that the federal government interferes far too much in our livers already. i think this would simply be another intrusion. >> all right. i wanted to get time for more, but we have time for one more.

this is an amazing thing. i've heard this from many companies that provide health care for their employees. that employees consistently demand the drugs advertised on television or in magazines because they're advertised, because they know about them. the problem, and this is incredible, you all no doubt are aware of it. 84% are for branded drugs, when there are often generic options. so a potential solution could be utterly ban direct to consumer advertising. not allow the drug companies to advertise directly to consumers. it seems outrageous they do it. only the united states and new zealand on earth. congress mast palone, will you ban it? >> no, the reason is twofold. one is it probably would run into first amendment problems and be challenged in the courts and probably be successful. the succeed thing is that the on which position from the broadcasters and the media would probably kill it.

we talked about actually not allowing it to be deductible on the corporation's, you know, tax returns, and i know this was tried once before, and there was overwhelming opposition from the broadcasters, the newspapers, and everyone else. i think that between the first amendment problems and the opposition that could come from the media it just wouldn't happen. >> i work to the media, but i would think, congressman fleming, the first thing we would want to do is kill the lobbyists. you don't want to lynn who's got the most money telling you what to do. >> i agree in that comment right there, erin, but i don't think that we should pass a law to prevent advertising, and i'll tell you why. i do strongly encourage the use of generic prescriptions, no doubt about it, but the interesting thing is these commercials bring patients in who ask about treatments,

especially preventative treatments that i can then manage their expectations, encourage them to use generics, so i think it helps. >> one final question, congressman fleming, and you as a doctor no doubt saw this analysis, where someone said you could give every american a lip tore to fight cholesterol, and you might save a couple lives doing that, but not enough to make up for the cost, right? so we might have to make that tough choice. you think taking a pill a day is preventative, but maybe as a society, it's too costly? >> i wouldn't agree with that comment, at least not about cholesterol-lowering drugs. the statistics tell us that since cholesterol-lowering drugs have come on the market, heart disease has dropped by two thirds. so while i wouldn't want to put it in the water system, i do think a position should recommend it and prescribe it. i think the broad use of it has cut heart disease dramatically. >> if i could add, we are going

to try during the markup process to add generic biologic drugs which would save maybe about $10 billion. we're try to go achieve that consensus, and i think that will go in the bill before it finally goes to the president.t. that would save about $10 billion. these are the biologic drugs for which there is no generic path right now. >> gentlemen, thank you very much. we appreciate you're taking the time for a thoughtful conversation. congressman frank pa lone, and john fleming from louisiana. one more headline to share from you. charles schumer, democratic senator from new york, now saying they could charge insurer fees that could raise $100 billion over the decade. it appears all the headlines and focus is how to raise more money and spend more money, instead of focusing on ways to cut costs. lets us know what you think. is the focus on try to go raise more money, are you confident as

an american we know where we're going to spend that money? let us know. streetsig streetsigns@cnbc.com. we're at the high of the session, we're going to go right into those markets with the craze one, next. and steer young throwing a touchdown pass for private equity. he closed a $1 billion fund and had to turn investors away. we'll be back with him.

where things were last fall withed credit market seizing up, it was a frightening is the ways, so i think stability is important. what i would say is there are some signs that potentially could lead to some green shoots. >> signs that could potentially lead to green shoots. remember that day when you were sad and you said, because he didn't see any green shoots, but now his stock is up 7.5%, and all the news appears to that delinquencies are bad, but not as bad as last month. does it merit all this surge?? >> look at this. capital one, not as bad as we

thought. monthly credit trends, we see june doing better. how about this one, jeffreys, america express, credit stabilizing. upgrade to buy. your man gave us, today, what we needed. everyone's worried that credit would never improve until up employment proved. not for commercial real estate, but this was undeniable what happened, erin, undeniable. he gave us our green shoot. >> he did. he was just playing hard to get. >> i think you have to buy capital one. >> and now he gave you a sign. >> look, he's historically a great manager, conservative. >> hey, green shoots. >> that's why i like the guy and that's why the franchise is worth a lot more. >> so you would bike it at 26? >> i would not buy it if credit weren't stabilizing, because credit is my fear, not

unemployment, and credit is stabilizing. that changes the story from being one where i'm nervous and worried to one where i'm saying, how much up side? >> other quick thing, jim chanos we talked about health care, banks, and he talked about for-profit education, an area investors have loved. where do you fall on that one? >> i liked his thesis. i went out on my show and said he was saying right. i was cursing myself he didn't take the shot at ratings agencies. now that calpers is going after them. this was a huge lawsuit, and i was at -- where jim predicted it could be the beginning of the end. i respect his work and like him as a guy. >> all right. and he's testifying right now. >> a matt good buy. i do come on and say, listen,

the short sellers do this. >> you have raid against him before. >> what i didn't like was the bear rates that drove goldman sachs down to 47. >> there was a moment when it sells unpatriotic. >> thank you, erin, thank you for putting it that way. that's the shorthand of what i'm looking for. >> one more green shoot. fedex. >> go back to the last quarter where they came out and everybody said they guided down. remember, they hadn't guided so they couldn't guide down, but people were so suspicious, they felt that fedex had jumped the gun saying things had bottomed and said fedex was too bullish. does the stock not tell you that it's spot on? this stock should be going down. the transports are struggling to break out here.. i they this do. >> you think they do. >> i think they do. >> and they just broke the key level that we haven't seen -- last september, the week of lehman? >> that's how we get to dow

8,800. a lot of people were caught short, most people didn't realize the power of an options expiration where you get a situation where calls are pumping and peopleant bring them in. do not forget "los angeles times" reported southern california home sales up huge. for the first time ever, month every june, not only have prices bottomed, but going higher. remember at the end of june 30th. "los angeles times" confirming that today, "los angeles times" is pretty legitimate. >> and they're still in business, thank goodness. >> yeah, they're still in business. >> jim cramer, thank you. much more of jim took at 6:00 and 11:00 eastern. and finally a good surprise, two thirds of companies that have reported so far have topped targets. well, maybe they set the barlow, but here's the truth, it's driving the market higher. will the good news keep coming? there had is, is this hall of famer a hall of fame investor? steve young is here to help

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all right. let's go to the nerve center of

cnbc, where matt nesto lives. >> you know, erin, they say you have to look where the sun don't shine sometimes. you know what i'm talking about, when you're looking for earnings. not what you were thinking, but what i'm talking about, everybody is talking about jpmorgan, ibm and google. if you look at thursday's reportees, and nokia is a huge company, also in technology, and google is a $60 billion market cap, it's also a china play. novartis, $90 billion market cap, baxter, biogen, all hot and under pressure today. keep an eye on them tomorrow. health care earnings are supposed to be the best or least worst this quarter. then lastly under the "who?"

category? these are the real surprise. fairchild accepti, i'm press, and mgic, the mortgage insurer. check out fairfield. it's got what george h.w. bush called once "the big mo," momentum, everybody. it's a top performer in the russell 1,000, and hit a nine-month high. fairchild baby. >> and this is clearly not an easy time to be an investor. yes, some people just sat there and made money, but trying to get in and out has been incredibly tough. huntsman global capital just closed, raised more than they wanted, closed at $1.1 billion and had to turn people away? they may have a secret weapon. steve young is a managing director and cofounder, he's also in the nfl hall of fame.

great to have you with us, steve. >> thanks, erin, and i am not the secret weapon. let's make that clear. >> so what did you do? when did you raise this money? how quickly did you raise it? and most important from whom? >> seven big institutions led by calpers in california, a lot of names people would recognize. we did it under the thesis that our collective partnership with john huntsman, bob gay, gary crittendon and others have done over 200 private equity deals collectively. as well as we're putting $1 4u7bz million of our own money into the fund. i think that and also the idea that we were -- and bulge bracket resources, megafirm resources into the middle market. i think people really believe in the middle market, there's money to be made there for investors, and also that they could be championed by a group like ourselves.

>> so calpers is number million. that's the largest single. but you've got -- >> no. calpers is ahead of us. they're the largest instituti institutional investor. >> calpers is ahead and then you. and there are seven total? >> no, there's quite a few others, but seven i think core institutional investors. >> so where are you going to be investing this money?? and how quickly are you going to put it to work? >> well, you know, ironically, in this market we're busier than ever. and we're finding companies that maybe don't necessarily want to sell 100% of their company right now, but we're willing -- they've seen kind of the bottom. there's been a capitulation by sellers, and they get into a place where you know, what i can sell a majority stake in my company and couple with a team like huntsman gay and we can kind of group together going forward for a tour of duty and see what they can do in the second bite of the apple. so the leveraged recap is a place where i think there's a lot of deals being done right now. >> can you get financing? >> you know, yes, you can.

sellers are having to be kind of interesting places in the capital structure to help out. i've seen some actually play. but the truth of the matter is financing sources are open for business, and we've got, you know, bob gay started at bain capital, grew it out of very small to their megafunds with mitt romney and others. they have relationships worldwide. john huntsman global chemicals company. gary kriten don just left the ceo of citibank. we have those kinds of relationships. i don't think financing's going to be a problem going forward. granted, you know, equity -- equity infusion's going to be 50%. but -- at least. so i think that's one of the big issues we face right now. >> all right. well, thank you very much. we appreciate it. secret weapon may be shaw. >> he'll love that. >> up next, billy mays is gone, but his pitches live on and they are still selling. we'll be back with that after this. the chevy open house.

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up about 2%. it did trade off a little bit on news that apple won't let the company's pre use the latest version of itunes. not sure why. we'll get to the bottom of it. but nonetheless it did cause the stock to come off the highs a little bit. billy mays was the ultimate pitch man and when he decide a couple of weeks ago many assumed his spots would go away, but not so. there are new ones, actually, popping up. darren rovell was one of the last to interview mays, and he's

here to explain. i've noticed, darren, it almost seems like there's been more of him in the past couple of weeks. >> maybe not more but certainly as much, erin. there was a reason why billy mays became infomercial king, his everyman look, booming voice. led to big-time sales for many of the products he sold. when his wife decided billy's ads could run even after he passed away many companies were pleased. in fact, there are at least two new spots that mays filmed before his death that hadn't aired that are now in rotation. this is for telebrands jupiter jack. >> billy mays here for the jupiter jack, the most convenient hands-free device for any cell phone guaranteed. >> then there's this new ad for mighty putty. >> it has the strength to pull a 500-ton hms bounty across ocean waters. now, that's the power of mighty putty.y. >> so will people respond to a no longer living media pitchman?

the company behind mighty putty sales are even better compared to sales before mays passed away. in march mays talked to us about the longevity of his pitches. >> i think by being a perfectionist makes the commercial have longevity. and i think it's the people who you work with. you know, they keep pushing it and pushing it. and it sells. if people like it they keep buying it and we keep running the commercial. >> and erin, in the last 24 hours the discovery channel renewed the show "pitch men" which featured mays and anthony sullivan. the show will feature sullivan and his son, billy mays iii. >> cox communications apparently going to be selling the travel channel. sources telling reuters, that could be an interesting one. we'll follow it. and coming up, hdtv killed the porn star, but there's a lot of money still left. we'll explain. access to favorite courses chef's meal with pommes frites

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