>> the south eastern asset management teaming up for the embattled pc maker. welcome. i'm here with simon. she has got the update. the hits keep oncoming. >> it's getting more and more interesting. the same level or higher. and the private equity firm. the plan articulated in the investor's usual probes. offer shareholders a $12 per

share. and taking on additional debt. michael's plan offers shareholders a higher price of $13.55 a share. and takes on $16 billion of new debt. he is arguing that because of the sub or small portion of the company that will continue to trade pubically there is greater potential for investors. >> a bit by the comments to our air just now. the competition of a new incredible offer but a number of the awful report.

>> what he is say iing. >> of michael dell and his partner. >> the small remaining public. and the potential upside there could be great. he is saying that the shares have been and continue to be undervalued but he thinks they can turn themselves around with the proper steps and support from shareholders and they can get from 14 to $17 a share. >> he is trying to squeeze out a higher offer? >> this could be a stopping point. he could be trying to keep investors interested. black stone and that was a real blow, obviously. the stock had had a floor that was uncertain. it traded up so far this year.

so perhaps just the enthusiasm and the noise creates some upside. >> and now we're going to turn to another big story here. talking about the person who could really decide jamie dim e dimon's fate. >> you know, i know that you are disinclined to tell us about the voting power. about six and a half%. >> a little deeper here in how you work with large shareholders

like blackrock, inc whoiz proxy you have in this case. >> we believe that there is a role for a combination of chairman and ceo. i'm a chairman and ceo. we also believe in a strong league director who has strong rights and responsibilities. and that's what we say in our proxy. that's all -- that's all i know. >> so, i'm not asking you again, sir, to tell us how you're going to vote. i understand that and i respect that. but tell me how you work with a large shareholder like mr. thing who has made it clear how he feels on this? is his point of view necessarily the way you will vote?

how do you navigate that? >> well, first of all, the governor has a number -- the way they manage d the discretionary spending. we help a number of institutional investors with voting and also with engagement. so there are a variety of different things that we do. and in all cases, this is -- these are confidential contracts. and secondly, each arrangement is very different client by client. the arrangements for one client may be quite different from another. sometimes they will have different guidelines and instruction for us.

>> sooechb, let's just explain exactly what is going on. last time that this came up last year, 40% voted in favor of actually splitting the roll. but also from corporate america in general. as an englishman, i think we should explain that where you come from from europe, where i come from, it is considered the norm. it is good corporate governance. is jamie dimon unlucky that you are coming from london with your views?

>> we have an international star. we recognize that the requirements are different. and cultural history of capitalism. we are always taking into account of local regulations. >> here in the united states you have a huge number of very big names. >> let's look at what everybody else is saying.

jamie dimon and his kingdom saying don't mess with that kingdom. this they are effectively insiders. >> when and how will you make your decision? >> we have a team of experts who will consider all of the relevant issues and we will be deciding over the next few days. >> do you personally have a point of view of whether it is advisable to split the roll. do you have a point of view? >> it will depend it's very,

very difficult to be absolutely categorical. >> wouldn't larry think -- that's not how i intended it to be. >> no, i think that we have a very clear contractual arrangement to make a decision as we see fit. that's the whole purpose of this exercise.

>> thank you very much indeed. >> you speak his language, clearly. >> i do. always nice. >> mary tompson is here. your reaction here. have you been covering the banks and this bank in particular for a while. >> i think what i have picked up on is how they're going to go about making the decision. you look at the history of the government, the company, and the regulations. a number of people, again, the whole idea as to whether or not the role of chairman and ceo, it is really inconclusive. especially if the company can trouble. it might be a good idea to put another firm in there. it depends on how largely they look at the trading loss that jp

morgan had and how that impacted the company. >> you get a lead director in there. >> jamie dimon under fire. there are others. >> the energy giant has, which is the middle of a battle with elliot management. elliot nominated five new directors expecting that their guidance will end the chronic

underperformance. hess is countering saying they want to sell the company off in parts. >> it would split the role of the ceo and sherman. >> it is acknowledging the problems. they are stalking at it saying it's not going to change. this is certainly a meeting to watch. >> the top of the corporate ladder looks shakeyer these

days. >> these are non-binding, aren't they? >> you can take them under advisory. >> and she has, for example, . >> you always nod them in. >> this man's belief that dell may not be as bad off as most people think. that there is really true value

there. no one surprised the pc market. >> well, we also asked him about wh

what. >> i asked him, should michael dell be fired. >> he's not going to be running the company. i can garn . >> listen to what carl had to say about this. >> for years, i respected. >> i don't say this in any derog tory way.

i don't see chambers on the forbes 400 list. >> we did. >> objectively. >> to assess the potential risk and reward to the public shareholders. that's where we stand on this

friday afternoon. we will see what happens over the weekend and into next week. >> thank you. >> in the meantime, markets are relatively flat today. they are big moves on the docket today. >> simon, more corn, soybeans and wheat. >> more than doubling the projected ending stocks to over 2 billion bushels higher. more corn globally.

corn is now predicted to sell between 4:30 and 5.10 a bushel. back even. but a big drop in wheat futures even though the u.s. is predicting a 9% cut. they are starting to come back a little bit. eneding stocks are predicted to be higher. global production should be up. >> before you go, thank you for that. before you go, any ease on the guy from kpmg? he was supposed to be back in court today. >> he will be this afternoon. shaw is the jeweler, the former best friend of kcmg, senior auditor scott london. shaw has agreed to plead guilty to insider trading.

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>> driving down the value of the currency there. the dollar is up 17% .

>> we will tell you how they are doing it in the next half hour. >> and a lot of heat in washington today. >> it is an embarrassing story for the obama administration. >> the irs denied it in a hearing to congress that it wasn't true. i just got off the phone with an irs conference call where they are acknowledging that inappropriate screening of tea party related political organizations took place. they say it wasn't for a partisan purpose.

here is their explanation. >> many applications are still pending but this is something that republicans are already asking for a government-wise review of this conduct. when you put this story in combination with some of the questions that have been raised

about the administration, publish statements on the hearing over the last couple of days, it does add to an embarrassment for the administrati administration. >> these stories in tandem hurt that reputation. >> these things crop up with az maizing regularity. >> emotional and historic day. earlier this morning just a few blocks away from the new york stock exchange, the silver spire topping the new one world trade center building was fully installed. that brings the freedom tower to the height. that makes it the tallest building in the western hemisphere. simon? >> more ahead on power lunch.

a major shift in what your smart phone could be used for and why it won't cost you a dime for now. and after a slew of cyber attacks, we want to know what congress is doing about it. live on power lunch. ♪

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>> just yesterday, authorities revealed that hackers stole $45 million from banks in an atm attack. how do you stop it? good to have you with us. >> thank you. >> you know, i'm sure you are familiar with yesterday's story about the $45 million that was taken out of atms. how do we prevent this these kinds of attacks? and at the same time, protect individuals' privacy rights. >> banking on cell phones, etc.

>> i am concerned that the house bill doesn't have enough to require companies to take reasonable efforts to diminish personal identifiable information and gives them sweeping liability. it doesn't say if they were grossly negligent that they would have to be accountable for misusing information that they gather. >> precisely those reasons, correct? >> that's right. >> the senate bill actually does make up for the sufficiencies and hopefully we will do better at the end of the day.

>> goes to negative 12 in under a minute and a half. >> figure out how to make these systems a little more robust. >> trying to create manic or unease in an already uneasy country after the boston bombing. i wonder how you feel just generally speaking about americans' desire to have greater protection, security, even if it means sometimes giving up a little bit of privacy. >> well, i think that you don't

have to make that choice. i think there are opportunities for us to do both. >> the stock market plummeted in just a few minutes. it was corrected almost immediately and about two minutes later the numbers went up begin. it is indicative of how hackers who people who want to do us harm are unfortunately able to make that happen. >> it's a dangerous situation when you look at individual's bank accounts in the case of the atm theft yesterday. let me turn to a couple of other things that are topical and maybe off the point.

you're on the energy and commerce committee. i wonder if you have an opinion. splitle the chairmanship roles. do you have a point of view on that particularly. just generally be held by different individuals. >> i really don't know the arguments behind that. and certainly it is all of these huge institutions that are definitely at a point where they are almost too big to fail once again. i'm not sure that one individual is up to that entire job. >> i appreciate your candor on that. anybody who says i'm -- who is honest and not trying to you know what their way through it, i appreciate that. >> you just heard john harwood

report about a concession that yes, in fact, certain groups applying for a tax exempt status whose names include cparty pariot in them. do you think it will become something large. >> i think that singling out any particular point it sounds as if the end of the day that the organizations were not penalized. it seems to me that there is a fine line between a chartable organization and one that is going to do politics. and the american taxpayer needs to know are we now giving tax

exempt status to an organization that is going to try to influence the politicians or political votes or policy. so i think that those that may cross that political line do deserve a bit more scrutiny. >> thank you very much for being with us. >> the s&p and bull market territory next where hedge fund managers now are putting money to work in this record breaking market. as we go to break, a look at 3m. another dow component hitting a 52 week high. so as their financial advisor, i'm helping them look at their complete financial picture -- even the money they've invested elsewhere -- to create a plan that can help weather all kinds of markets. because that's how they're getting ready, for all the things they want to do. [ female announcer ] when people talk, great things can happen. so start a conversation with an advisor who's fully invested in you. wells fargo advisors. together we'll go far.

>> they come off of the low yields. remember all of the sessions in there is something technical. look at the charts to the end. you get the picture.

that's right. the five year chart and commodity moves. rethinking whether yields will ever be heading down. >> another 3% surge today. what do hedge funds think of japan? this is with us as well. welcome to both of you. what do you think of japan right here? is it still time to get in? >> we have been overweight japan.

it's been a favorite theme going on for quite some time . >> some people believe that they will start reducing their bond purchases. do you think we have got that coming? >> our view is that we do have a stronger than expected economic recovery underway. you see the interest rates bounce off the lows just

discussed. maybe a year or no or so. is getting ready for that. so we do believe in the strength and that it is probably underanticipated and we think it could happen later this year. >> i'm sorry to follow up. that's enough to say okay. >> we think it's going to happen. we would need to see consistent payroll numbers and consistent labor rate increases. we think that the fed will eventually withdraw. >> thank you very much. and bob, thank you as well.

>> one major cable channel may want to subsidize in the future. in the program. find out if you have got what it takes after the break. all business purchases. so you can capture your receipts, and manage them online with jot,

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>> it is coming. >> a thousand dollars. . >> two months. >> to delete it. and still working for cnbc, despite that experience. >> if you're thinking this is a quick and easy path to a new career, think again.

>>

go vote on ya hoop finance.com. take a look at all of the major cell phone carrier s s.

have a look at expaid ya. right at the high right now. analysts comparing the two and expedia is elevated.

>> espn will benefit if people watch more video on their mobile devices because they sell ads against that video.

in order to access that online video content that makes your monthly cable bill pretty expensive. it makes it worthwhile. when you stand in the face of more competition. this really makes sense. >> so john, this is kind of, in a way, it reminds me of the subsidies of the telephone manufacturers are paid from the carriers to discount a telephone. >> the people misunderstand the question when you watch more video if somebody else pays for it. it is potentially that there is a potential danger here if the carriers get used to charging somebody else for data on the back end. i think that's part of the issue that you have a lot going forward. if the carriers feel like they can get certain content providers to pay they might start squeezing others, not raising the data caps going

forward. it gets more affordable for them because i feel like they can squeeze the business. >> for consumers is this a good deal or will they end up paying more in the end because they will be watching more and thinking well, somebody else is paying for it but the truth of the matter is they are probably using the service more and they pay more as well. >> look, i think that the mobile carriers, they have to figure out how to grow their revenue. they can grow it by charging someone else. i think the question here is is it such a bad thing if you can pay more? i think ultimately it is a good thing. >> we are one of them. going to end up in a world where i can watch my favorite cable channel anywhere i want. they will figure out the pricing

and delivery methods here. is that where we're going? >> it could be. >> they can afford to pay carriers. what about the new up and coming start-ups? >> go ahead. >> i think that's the regulatory risk. i think that's where regulators get concerned. not everyone can afford to pay. i think this is where we have to see if this gets approved by the regulators.

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>> the development of an experimental cancer drug. it will result in a second quarter charge of $30 million but not change the company's forecast for this year. mar yacht moving higher after it said it would hike the dividend by 30%. and raising its profit guidance for the current quarter. let's just show you where we are on the markets. >> we began the segment with this.

the moves in gold and copper. here is something, simon. anyhow, the industrials looking to turn around there and look at the s&p basically flat and said nasdaq up a half a% today. rar. >> it's great to be here. >> street signs begins right now. >> for whom the dell tolls. the fight over the struggling pc maker is heating up. the billionaire says he is on the shareholder side. he has got a new plan but is it the right one? one big has been another kind of dog all together. now the right time to buy.