tv MONEY With Melissa Francis FOX Business April 27, 2013 12:00am-1:01am EDT
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country, but we can only have so many paying out to so many more before you release, what the hell miles do you have? liz: not enough because i want to go to why. teeseven "money with melissa francis" with melissa francis is next. melissa: and breaking news. [laughter] has more on this. >> reporter: well, the redemption date for investors to pull their money out of acc capil was set inmate. you were talking about that big day, blackstone big investor was worry that that did not give them enough time to assess whether steve cohen and as a safe -- sac capitol would be indicted. a lot of people believed, the government as well, that july is when the statute of limitation on most of tho suspicious trades in this. that means they need more time
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to assess whether steve cohen will be indicted, as sac agree to move its august, so we will know. this is why this summer is so important. melissa: of big deal, and to give our viewers the back story, the head of sac capitol. melissa: one of the biggest hedge funds. speculation has been swirling about an investigation into insider trading. >> reporter: that speculation is whether he will be indicted. the suspicious trades in question are from 2008. a 5-year statute of limitations. the statute of limitations runs out in july. it. melissa: to other major players already. >> michael steinberg, a former portfolio manager has been indicted. here's the thing. at investors are saying, like blackstone, a big private equity farm, they're saying, listen, you had the redemption date in may. we can make about mines. we don't know what will happen until july. and what they did is announced a
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couple of hours, essentily, we're going to move that outcome of the targets so that you can tell in july whether steve cohen is safer not. the bottom line is, if his past july he is not getting indicted. melissa: have been on top of the story from the beginning. thanks for coming out. all right. gdp numbers out today, but is it all hype? we saw growth of two and a half percent, but experts say it was a fse positive says the first quarter -- pardon me, fourth quarter after "money with melissa francis" was so bad besides, the government is about to totally change the rules and give us a more accurate reading. adding more modern measures like music down lows, movie royalties. don't laugh. we will have tha term and the power panel, perhaps. chief market strategist at united advisers and ceo of safeguards and to fix, private equity and venture capitalist firms. great to have all the one. let me start with you, kristin. first of all, what you think
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about this idea of changing the way we got delayed gdp and adding in all kinds of goodies? how many ties do you download rihanna? that is that going into gdp. >> you know, part of me is excited because it gives me a lot of the day to the crunch and analyzed. that is alys a good thing. but the larger part of me is more skepticalhat we can accurately capture what is that truly productive part of the spending on entertainment and other things and what is simply spending that does not have any sort of productive capacity. so i have to really wait and see what this looks like, numbers perspective, but the thing that we should not worry about is h there going to go ahead and go all the way back to 1929 with this revision. it is not like it is going to change economic history. they will be consistent throughout. melissssa: i think that they are going to choose the number and make it look a lot better, and that is fine with me because it would use the number. who will all feel better.
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you got there and spend more. happy days again. >> yes. this kind of like three sterds, melissa. that is what you do when you have a numberike gdp. they will probably change the jobs numbers eventually anyway. a good deal of the year every year, and that is what you do when numbers are so scrutinized and bad. you change the input so that the variable changes in the number looks better. i think you're totally right. listen. today's number was pretty disappointing. all other factors and the like inventories, government spending , contributing to the balance the really am not going to be sustainable. in fact, they will go down considerably over the years. there are a lot of things to worry about, to change the input math or not. melissa: a nice try like that. i want to go back to this idea that they will adjust the number and we will all be happy yet, yet been bernanke will of the truth. he will keep turning up the money. it on the bandwagon. this is fantastic. >> i don't think just changing the number is going to be the
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impact here. we have to look beyond the broad number. i mean, pulling the pieces apart, this number will be revised. everyone believes it will. but when we look at the economic activity across the sectors of the focus on, we are seeing a loof growt we are seeing a lot of innovation taking place that will lead to future growth. i do believe digital media and the components of digital media somehow have to be bled into this gdp number, but it is not the only story, and we really ha to start recognizing. we get fixated on a particular number we're going to lose sight of some of the more important components that are comprised with and that number. melissa: and i did notice of a footnote in here which might not work out well. it says that they are also going to show a liability for unfunded plans. i mean -- >> absolutely. melissa: that could be a derailment. >> it is a disaster, and that is why i think it is going to be important to keep in mind the overall trend with gdp,
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regardless of the input. the trend should roughly remain the same, and they're going ten hand out the fundamental problem. we do not have enough growth in order check lead to an increase in jobs and an increase in wages which will lead to an increase in personal consumption spending, which, you know, regardless of what inputs you use, that is still going to be the lion's share of the unit is its economy. melissa: steve sees signs of growth in the economy. green shoots and all kinds of good stuff. >> i guess i want some of what he is smoking. like his, but the sectors. you can pick up some good sectors and make money. utilities and stipples alone this year. he invested those, but if you look at a share of profits, corporate profits share of gdp, 2-year lows. kristin mentioned it, nonexistent. in fact a negative when adjted for inflation. so no one has the discretionary money to spend, let alone to
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download songs which is really was going on. the growth to why don't see i. melissa: stock wld like some of what you are smoking. >> as long as it is legal. >> i don't disagree. we have to think about the boy brought and future of what we are trying to achieve here. i agree that growth has been anemic across a broad spectrum of industries, but i also believe that if we focus on innovation and trying t spur some of that innovation, that we are going to see a lot of good things. i think there are headlines around that, that innovation in particular command a lot of what is coming out of washington is slowing the ability for renovation to take effect in a major-league wait. let's not lose sight of the fact that there are still pockets of real growth that are happening. they get new across the board will be talk about this one particular number. melissa: but steve said it. washington is slowing innovation are broke the we are seeing. >> amelie is washington slowing
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innovation and growth. it is impacting considerable drag on the economy through reduced federal spending, state and local spending. separate conversation, but, melissa, it is real. it is real. any bump up that we have seen in areas like housing and other sectors are obsessed, more than offset. melissa: the out of control spending in washington. >> regardless of what you think about it, it is still reeling terms of gdp. melissa: fair point. thank you. that was fun. next on "money," the u.s. is being urged to act after evidence shows syria used chemical weapons against rebels. howuch will it cost thh u.s. to respond? plus, ceos of other companies looking like this and still ran all the way tt the bank. in the days of golden parachutes for failed executive be brought to an end? steve forbes is here to talk up the power of "money." much more coming up. ♪
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weapons moving around and being utilized. that would change my calculus. >> the use of chemical weapons is and would be totally unacceptable. and if you make the tragic mistake of using these weapons there will be consequences and you will be held accountable. melissa: president obama made it clear that chemical weapons in syria will not be tolerated and that u.s. officials are saying that there is, in fact, evidence that sarin nerve gas has been used by the francis@foxbusiness.com regime. israel i asking for president obama's chilly response. maybe a better question is what is the cost of not responding. thank you for joining us. that is it, right? and across the red line. now what? >> i think it seems to -- we are turning into a laughingstock of the world where a paper tiger where i guess we need to get the
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memo on what fought the red line was written in and out ticket was because as you and i spoke with the syrian support group broke the news about the chemical weapon used on march 19th it was confirmed by a patient's symptoms and hhs been confirmed again on april april 205th. i mean, how much more do we need? now is about the scale of chemical weapons. as we spoke about a month ago i think there were just testing. they're going to continue to use a larger and larger amount of genocide in order to finally shut up the syrian people and destroy them, and we are just sitting back and allowing this to happen. israel, our ally in the region is asking us to help because they see this only radicalizing the syrian people and not helping them evolve into freedom melissa: you have family. how bad is the situation? >> i just cannot express to you. we try to call them every day to find out how they are. 3 million people are displaced.
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businesses have been destroyed. i do not know my aunt, the physician, my uncle who is a pharmacist his pharmacy has been destroyed, howhey're making a living. the syrian people ardesperate, dying, and they, right now, are getting help from saudi arabia, turkey. these are not exactly people that are going to help our allies in the free syrian army. they're helping the wrong actors command this is why we need to make an investment now because you can pay now or pay later, but the price is going to be much worse in doing nothing. melissa: what would you like to see the u.s. to right now? what is the most effective thing we could do? >> the number one thing is to get effective weapons in hands of, as best as we can do, the right people. antiaircraft anti-tank. number two, began ticket needed to do a no-fly zone and provide a safe harbor in northern syria said refugees can have a place to go so that they can begin to have a place to launch the rest of those are -- revolution to do away and finalize the war against the regime of assad and
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then get humanitarian aid to the region. melissa: the first thing he talked about, trying to on the right guys. that is very hard to do. and it seems like the majority of the time when we get involved and we try to provide weapons to one side of the other and vigor to the connectors are we end up, you know, doing the wrong thing or not doing enough of the right thing. is just very tricky. how can we do that? >> well, one of the problems at we have in our 8dd approach to foreign policy and regions is that we think it is always by neri. either we do really get a really bad. and there is great -- there are gray zones. we tried to provide weapons to the best options we have to move them toward a better future. right now if we don't get involved, iran and russia are arming the bad people, our enemies, and it will continue to use us as a proxy war to say that they will have this sort of wanted freedom in the region to spread their radical islamism, to spread the fascism of russia into the region and radicalized
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muslim's life did chechnya and like we saw came to boston. all this will come on to roost. the cost is much more if we do nothing. yet it is going to be hard to know who we are. as got to be a way to track weapons, and has got to be a we told them accountab. at least we will know, we are going to be at least on the people that are better than the saudis would be harming. melissa: he took the words of my mouth. that is because of not getting involved. thank you for coming out tonight >> thank you, melissa. appreciated. melissa: time to check the fuel gauge report. transcanada bottom line is being hurt by the delayed approval process for the keystone pipeline. even if approved this summer, the pipeline will be completed until the second half of 2015. transcanad says that will push the pipeline's cost passed its estimated three and half billion dollars. oil exports from iran plans to their lowest level since 1986 according to the energy
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information administration. exports fell. the report blamed sanctions for the decline. oil futures fell from highs following a 5% runup of the previous two sessions. weaker than expected u.s. gdp raised concerns about demand for crude. oil fell $0.64 to settle at $93 per barrel. up next, what did these former ceo seven common? they all got massive exit packages after running their companies. share the golden parachutes for fired executives be stopped? steve forbes joins us to talk about the power of "money." plus, the nfl draft is usually all "money." this year's first-round made through the cheapest in years, but it could end up costing teams far more than you think. we have aop sports agentt here to play ball. do you ever have touch "money"? ♪
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♪ melissa: of corporate shuffling at the top these days. ceos coming and going, but most of one thing in common, a huge payday on their way up the door, even if they got fired. almost as not matter, since top executives are getting close the severance packages. their insurance for taking the job in the first place, but ii it fair to shareholders? it all comes down to the power of "money." with me now, steve forbes, chairman of forbes media, steve more from the "wall street journal," and daniel johnson, a share of the economics department at cholera college. thank you for joining us. let me start with you. no, there are two sides of the story parostic one. you have somebody at h-p. he was in the top job for less than a year. $13 million in a way out the door.
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the stock price in that short amnt of time fell 47%. he sort of is the poste child for why you should not get $13 million of away at the door. >> the thing we after members if you want talents, like in sports, you're going debt to pay for it. going into this you know, will turn out, and if it turns out, by golly it is a bargain, but if it does not turn out every penny looks like it is wasted, so you don't know until the guy comes to the plate and performs. when he or she performs is beautiful and when not, oh, my gosh. melissa: it looks like that last picture. let me make a case for the other side because for a lot of ourr3 audience is hard to imagine, especially when you see something like this public assembly like morris myers. very sought after, very talented, so hot in silicon valley. she is making boat loads of money. see as almost no incentive to leave except the fact is she would really like the top job. you have yah, cycling through disastrous ceos. they have a chance of this person who's going to give them
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pause and pizzazz to my proven track record, but she is going to set herself, why in the world when i take this chance? i wet take this job? amelie going to do it is becoming of the back end. can you see that side of the story? >> i do. melissa, i am a pay-for-performance guide. i have no problem with paying large severance packages and large salaries to get talented people. steve forbes is right. if you want the best third baseman in the major leagues have to pay for it. what i do find a big problem with, melissa and steve, i just hatehis idea of these he severance packages and these golden parachutes ted ceos that do not perform, and i do not see how that is in the interest of the shareholders, and i think that the people who are derelict here are the board of directors who oftentimes, you know, agree to these we are deals when taxpayers -- i mean, not
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taxpayers, the shareholders are losing the money in these people running away. i don't get it. melissa: let me try that last example one more time because you look in a company like yahoo. what were the chances that she could really turn that around? why would she even tried? and to get someone like her to give it a shot is in the interest of sharelders because they were kind of left for dead everett yahoo. but if she does not turn it around, and chances are she was nogoing to come so without promise to pay her, even if she fails, there is no way she would consider doing this. i would think. me to my note. i know what their pay packets looks like. i don't know what it looks like if she fails, but you have to think that she has some sort of compensation like that on the way up the door if it does not work out. otherwise, which take that chance? >> yeah. i mean, exactly. it is as you say. and as both of the steve's alluded to, we have a fundamental is the problem. it is hard to monitor the
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day-to-day activities of the ceo. they're supposed to be doing the monitori of everyone else, frankly. he monitors the monitor? you have to structure a contract about incentivizes someone appropriate to take the job but it also to take creative risks appropriate for that job. and then to somehow figure out a contract given the i known that percves, i would rather have as severance package and that huge signing bonus. >> one interesting thing is, what should be in the severance package? what i would do is put stock in the company. melissa: with their not going to go for that. use the guy who example. under what you're saying you would never get anyone good to have run yahoo. >> i think people are willing to let take the chance. >> in terms of equity funds, they pay a huge amount of money. you don't read about it because there not publicly held
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companies, but the take these things over and diffuse incentives and packages to get people in need. so you go out there, these boards of directors, even though some of them make a mess, most are out there to try to do a good job because it makes them lo good and shareholders look good and everyone feels good about it. to get talent you have to pay for it yet to take a risk on it. again, if it works, it is beautiful. ha'penny ended $10 a return if the garment does it right. if it doesn't i think the case of yahoo, that is a company everyone would have stayed away from. he had to step up to the plate, and he knows how it's going to work out. look what happened at j.c. penney. ron johnson as a sensational record at apple, great job a target, comes to penneys and it does not work out. you don't know until you fight. melissa: is in that the problem? all these people, when you're hiring up to but the man they all look great. they'll look like to have talent , and you're helping -- or else you would not have pitched him. >> ight. melissa: have the time it does not work out. what do you do?
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do you clawback money? would you do? >> part of the problem here is that we kind of cherry pick the evidence after the fact. we look at these sensational successes. we like it is essential that your's and say, locomotor a broken system. if elected the other 99 percent of the cases where ceos were paid dare i say appropriately. eight tose that word because it assumes that we are seeing is not appropriate. it is appropriate given that there is enormous risk involved in the uncertainty involved, given the activities that we are asking these individuals to do. when you're hiring highly entrepreneurial, highly creative business leaders, adverse outcomes are going to happen. it is unfortunate when they do, but they do happen. melissa: to leave it there. thank you. great job. time for you to weigh in. here's our "money" question of the day. should ceos get huge exit packages if they're fired for poor performance? pretty much everyone answered so far and said no. some viewers to acknowledge that
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it was going toequire in hiring practices. we want to your for more of you. you like a son facebook or follow me on twitter. i promised to respond. all right. next on "money," the first round in the nfl draft may be the most un-money first-round in memory. we will cross the numbers on why the league may be in for a big letdown this season. plus, gwinnett outrow goes for most beautiful to most bad mouth. how can bran's break free from the backlash? piles of "money" coming up. ♪
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♪ melissa: the first round of the nfl draft wrapped up last night. football fans are getting an advance look at the gridiron stars of tomorrow, or are they? the usual big-name stars that we see at the annual event are conspicuously absent this year. just one quarterback was drafted in the first round. last year teens picked up five quarterbacks in round one. marquee players that bill this teeth in stadiums and help the nfl teams rake in big bucks, to get sales, merchandising. so is this the cheapest draft in histy? you ll us break-in allown, a
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veteran ssorts executive who has held management positions with several major sports franchises including the san francisco 49ers. and eugene, a sports agent represents nfl players. thanks to both of you for ining us. that mr. with you. looking at the list, five takes were either offensive tackles or defensive ends. is that unusual? >> no. if you are an nfl team the analogy is if you're an nfl team the quarterback is ahead. players who can rush the quarterback and players who can protect the quarterback operate -- paid a premium and we saw that plays itself of us now with the selection of the offensive in the bins of linemen. melissa: this is a show about money, someone to try to quantify what we are talking about here. homage is making a great first-round pick work to a team?
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>> it can be worth tens of millions or hundreds of millions of dollars in its asset value appreciation. i look at it like our neighbors to the north, the napa valley. it takes time to develop bricklayers, and teams care about the entire in city, how they can win. it a kick your favorite team, how they have tned things around of the last two years. so even the other is not a lot of star power in this draft, there a lot of really high quality players that are going to make team is better. nfl is the mother ship of all professional sports, and you could argue that the nfl draft is a separate national holiday going along with the super bowl. how much money in productivity, how much money in productivity was wasted right here in silicon valley teople doing his own mocks -- mock draft. melissa needs to be concerned about that. melissa: absolutely true, and we are sitting one block from where the draft is going on.
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hundreds and hundreds of hundreds of people in this tree watching this, but i wonder, you know, if a draft like this bill helps teams sell tickets. if you don't have marquee players going into the draft3 that everyone is talking about, is it as exciting? is it worth as much? >> the seventh of the nfl, the popularity of the nfl will not fade. the nfl generated over nine and half billion dollars last year in revenues. the average franchise, 1 billion. and the item to know is that every year come regardless if there are marquee names going in, you will see players emerge from the draft, whetherhey are draft in the late rounds, players will emerge rom this draft and become marquee players >> i agree with that. it comes down to a sports is all about telling a story, and you have hundreds of great stories. people that nobody knew from schools and no one can pronounce who will turn out to be.
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melissa: one of the stories that everyone is talking about, of course, the man who did not go in the first-round. do you think he goes in the second round? it starting about one hour from now. how does that story played out? , its damage did it do to his career with the imaginary girlfriend? >> i am not a player personnel person, but his performance at the, probably had more to do with his draft status than any kind of incredible story about a fictitious girlfriend. >> i agree with andy. think it is the value of position. the linebackers, inside linebackers typically do not tow height unless they show superior athletic trades. like last year he went number nine overall to the carolina panthers. he ran well. melissa: let me ask you. about two under and 85,000 more than a first pick purely bause he was drafted in florida and is not a contact to pay state income tax.
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is that a factor? to these kids care of that? >> kids care, the agents care even more, that is not a bargaining chip in negotiations unfortunately because then you run down a slippery slope argument. the -- you then adjust the cost of living. as a player you kids played for the green bay -- >> he should because it costs more. >> but how much do you adjust and where you draw a line? melissa: i think it has to be a faor. interesting discussion. thanks to both of you. >> thank you. >> thank you. melissa: cing upon "money," when it pelletreau from the world's most beautiful women to the world's most scorn the brink of a night. how can a celebrity or company for that matter because it happens to companies to keep making money win fans suddenly turn on a brand. at the end of the day it is all about "money." and football. ♪ this is america.
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brand into a business empire and reportedly trying to emulate as the simpson. the mega success that she has had with her brand, which is estimated to be worth a staggering billion dollars. test the simpson. how was that possible? it often seems people and companies can hit a popularity tipping point. althe lovers become majors. we have seen a similar path with out as a brand bounceback? that is what wwant to know. at representing several cebrities and a senior editor of in touch quickly. thank you for joining us. let me start with you. want to ask you this rings true. this is a poll that came out of a competitive magazine. one even say the magazine named. gwyneth paltrow, the most hated, more hated them and have the like, chris jenner, taylor's with, who does not a tailor's wi? or aided and chris brown. is she really that heated? >> you know, it has been bizarre
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anything -- it's jealousy. that is the on thing you can suck it up to. she is married to a rock star. to beautiful kids. she can act, sing, coke, speak fluent spanish. she has a blocked, so she has that empire. she really does it all. business, never let them see you sweat. she really doesn't. i am sure she has problems and there are things in a lot that are not perfect and when you listen to our speak, when you hear interviews of fur, she is self-deprecating and fny, but people crs is perfect, ideal person and maybe it is the only thing i could think of because i like her. a lecture on glee. i love her environmental of course, when she won her oscar. melissa: a half to bring killian because this is very important from a brand point of view because it doesn't really matter she deserves and not. people hate her, that is the imaging to -- damaging to the brand.
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they are jealous. that is a turnoff. may be as -- this could be the problem with facebook as well. this is a show about . but facebook was very arrogant in their ipo and we are the best and everybody was so happy to see them stumble. is arrogance a problem when you have a brand or being too perfect, too full of yourself? >> i think that she needs to on her brand. she is a luxury brand. she is appealing to that lifestyle luxury market. there is a market for it. when it has done nothing wrong. seizing grimaldi. it is true. in her interviews she has seen humble. amid the wrong choice.
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melissa: one of the problems is, they have "suffer where they're talking about how she is the most beautiful woman in the world digitoxin out how it is such torture and a nightmare that she works at two hours a day. it said. chile is on and on about how horrible it is. every normal route to have every normal woman said boy, i wish i had two hours a day. instead i am on the subway, doing my job, to take care of my kids. two hours with a personal trainer, and that is a nightmare. get real. >> is true. people don't identify with her, and that is why she needs to know her market. and the people that group appeals to in her cookbook, i mean, you know, she is aspirational. she once feeble to be inspired, but i think -- when actresses have a problem being relatable,
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like musicians can be aittle more reliable because there are themselves. people identifier with the roles that she has played i and who she is as a person, so it is rated she gets up there and does interviews in this company -- bonnie. by the way, she has a billion it was not always so easy for. we all remember. she has her ups and downs as well. >> she showed her vulnerability. she sure as heck isn't perfect, so maybe we can just relate to her more and are willing to give her more slack or maybe we dislike your products. thank you for coming on. we appreciate it. have a great weekend. up next, los angeles 405 freeway s the most fertile traffic in the country, trust me. one billionaire has had enough. he is ready to shell out a pile of "money" to help widen the. you is it? stay tuned to find out. you can never have too much "money." ♪
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told you about yesterday, the highest bid on the auction site to sit down and grab a cup of coffee with apple ceo has skyrocketed to more than half a million dollars. can you believe? we still have 18 days left debated that. would you pay more than half a million dollars to sit down? what is in the cab of coffee? >> an incredible cause. melissa: who cares about the cause. that's not what it's about. >> a great devastation of the most expensive cupf coffee in the world. i want to see with the warning label on the cups as. >> why should you have to afford that much money to have just a half-hour discussion? at think if you're a young college kid that is more beneficial to meet tim cook and pick his brain. you can't afford $500,000. melissa: you think this is not fair. >> is not fair. or not talking about healthcare it is. we're talking about how stupid it is.
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>> is going toward a great cause. that is so we have to remember. melissa: maybe you have a product to you're trying to sell to apple, investing at the million dollars. okay. fire ideas. by the end he is running away scared. >> and the tune of the kids get put through college. melissa: that's true. well, whatever. we all its traffic. he really cannot stand up for 05 freeway construction. it is really bad. the tesla founder has been $50,000 of his own money to make the freeway better. i have a lot of questions about that, but he is ready to allow mo. willing to pay to speed up repairs as a contribution to the city and my own happiness. a much more money -- first of all, what does he do, by everybody peats d tell them are yet? >> this is like a theme. people spending lots and lots of money. people's year-long salaries i don't know what. melissa: and we don't know. >> probably lap dances.
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the truth is, everywhere you go in l.a., is always supposed to take you 20 minutes. melissa: have you been l.a.? nothing takes 20 minutes. >> can't get his car going fast enough city can get the flecks of passenger. >> she can afford a helicopter. melissa: needs a helicopter. i don't know. is that 20 minutes. take a listen to this. ♪ ♪ melissa: that is unbelievable. an impromptu performances today in the new york city's subway and 66 street. the granny winning artist saying who is loving you. i love this. and is something that i can actually afford.
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>> i wish i had seen that because it would have made my day. not even my favorite artists are anything. >> good entertainment. a cool, and nice marketing ploy. wireless internet in the subways in new york. melissa: that was part of it. >> i have not figed out yet. i was trying to do with this morning. but as with the york, did not have enough time. melissa: this is pretty fabulous. you're going down the subway. usually it is some truck guy with the broken guitar. wait a second. >> that's a really give voice. melissa: most of the mark dropped. ♪ melissa: very surprising. they say diamonds are a girl's best friend, obviously. maybe not so much for this florida woman who sold one. the woman was attending a
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benefit luncheon with the organizers placed a diamond with $5,000 in one of the champagne flutes. all of the others got a10 a cubic zirconia, but the me tucker did not want to stick your finger in thh glass and accidentally swallowed it. fortunately, a doctor recover the diamond. i don't even want to think about that. >> process of elimination. messa: does not think about it. what do you think? >> as outside of sex in the city episode on bad. it is interesting. the rest is clear the someone might swallow it. melissa: so clearly there. is it now to stick you finger in a glass says she ended up doing what. >> she went to the doctor.
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they had a colonoscopy. they found it. melissa: is that really what happened? wow. i think singing the finger -- sticking a finger in the glass with been much better. tom sullivan has bought some the president's plan to capture retirement savings. >> i could not believe it. right there on page 18 and the president's proposed budget for next year is as bold leap from a private individuals from accumulating over $3 million in retirement accounts. i am sure that many of you think 3 million as a lot of money, and it is, but if he starts saving in a retirement when you're in your early 20's, 3 million can easily be achieved, and the president's proposal said that a 3 million macs of savings would provide a reasonable retirement. who is see to determine what is a reasonable retirement? i think everyone has been told to just let money away, save for your future. you will be glad you did.
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>> there's the question, how much money do you need when you an old rule of thumb is that you should not take any more than 4 percent of your savings each year after you get that gold what's that equal? well, if you have a million dollars, you withdrawal $40,000 per year befor taxes. spbt it scary, the president wants to limit you in your retirement years, melissa? melissa: tom, you can always swallow a diamond. watch the tom sullivan show this weekend, interview on monday. don't miss blackberry ceo who is going to join me at 1 p.m. eastern to talk about the company's turn around plan, what's really going on wth sales of the z10. you can tweet me with the questions you want to ask him. i'm at melissa a. francis. you know that because you tweet me all the time, and it's really fun. gerri willis is next. have a fantastic friday,
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everyone. ♪ w w w w w w w w w w w w w w . we do not. i'm angry. leavitt that. ♪ john: who cares? a slightly different code means you have been struck. 13,000. john: government mess. >> obamacare is working. >> this is a simple, strong, good thing. john: and then there is free-market. >> my cell phone, my e-mail address. >> the long-term players in the medical business need to be pushed to a new way of looking at things. john: well will be the new way? government? free-market? and what happens when the conflict? >> thereof the criminal. >> are you still there? john: i hope so. any hint to treat my dog. will that be legal? free-market medicine. that is our show tonight.
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