corporation will never make a misstep i not serious. neil: i wish we could ceo jamie dimon.follow and liz: deis with "money" next. dennis: here is who made money today. he sold tumblr to yahoo for $1.1 billion in cash. high school dropout just 26 years old reportedly will make more than $200 million personally from the deal. so let's be happy for him. also, gold bust, t longest in the financial crisis. jumping up 1.5%. and coming up short on "money," "startrek." it won the weekend box office t fell short of the $100 million.

they do not have enough fan boys to get them to theaters. even when they say it is not, it is always about "money." ♪ dennis: our top story, apple ceo tim code is heading to d.c. to testify before congress tomorrow expected to faceough questions on why apple has $100 billion of foreign profits outside the u.s. but he will argu our current tax code forces companies to hold oveeas profits ofhore rather than bring it home. so while lawmakers listen to what coke has to say and revamp the tax code? here with more our heritage foundation analysis and liz cdonald.d to the testimony, what is cook going to say tomorrow?

>> he is going to push ba to his critics in the media which have said it does not use any tax gimmicks, heill say apple is one of the biggest ifot the biggest corporate taxers in the ited states. he will say cut the corporate tax rates, simplifit, we will willingly pay moreorporate taxes if you do that. apple support 600,000 jobs and has created or supported 60000 u.s. jobs includg those in the apple economy. he will say pension fundss including public pension funds in michigan, ohio and kentucky relied heavily on apple shares asell. dennis: the i have done very we. do you suspect this hearing is aimed at great new ideas to refm the tax code and help companies in cash home where is the purpose to beat up oapple for not paying more taxes?

>> definitely the b it nobody is talking about the reason why apple and other companies have so much income part offshore. it is because of the corporate tax system. we are onef the only countries in the world the tax on income they earn around the world, a worlide tax system. in a grou ofrganizations economic cooperative developme development, only a few other counies do that but they have mu more re than we do. they're keeping income abroad because we add the extra layer of tax. dennis: i was told if you cut th35% tax rate dn to as the treasury department tried you would bring home instaatly $800 billion in private money and a whole new stimulus package without taxpayer dollars. liz: they will say government spending creates economic growth

but also irically blast companies ke dividends with economic growth. the corporate rate is 35%, companies tend to lor it. u.s. companies get taxed twice, first by the overseas government and when the money is repaiated back here. one of the few. the walmart, ge,pple of the world up against companies in china, germany, canada at lower rates. given political pressure from both companies to congress to write loopholes into the law, and th they get donations, congress gets donations. dennis: i get the feeling in washington there is is feeling it is unpatriotic to find ways to pay less legally on their

taxes and that is one of the thinns driving. what do you say? speaker that iimportant point out. they are avoiding taxes, keep your tax bill as low as possle, and that is what they are doing. the income offshore, i really object to that classification of shifting is in the u.s. income from selling them in the uk, france, germany. dennis: if we're going to cut the tax rate, it ought to force them to hire people. it is terribl terrible that brot home and paid it into dividends. the cash bel the shareholde of apple,hy should it be used to pay dividends?

>> essentially theentleman is right, apple does keep that money, two-thirds from pt overseas. they are growing their business overseas in europe and asia back into apple and back into support the r&d they are keeping in california, so it is important debates to happen because a appe will set the tone and basicall show the viewers this is a lesson into what is going o dennis: wi we see some breakthrough and policy in the hearing tomorrowith tim cook or will this be an opportunity for congressman to beat up on the guys not payg higher taxes? >> there is opportunity to move forward on policy because he insists on pushing forward tax reform.

and very detailed plan on and natial tax and president obama is open to tax reform so we could see movement in that specific area. dennis: thank you for being with us. ti for the fuel gae report. the new ceo, senior vice president, and now inveors approve shares of chesapeake energy climbing after theews. alaska offering up $50 million to theederal governmen fund the assessment of oil prospects in the national wildlife refuge. drilling in the end war.and more for years. oil futures during the broader rally for commodities hitting a high.

so in $96.71 per barrel. and next on "money," yahoo million dollars buyout of tumblr touted with criticism, butt may beelissa meyer's most brilliant move yet. plus, record profits and a stock gain, so some shareholders wants totrip jamie dimon of his chairman title. what are they thinking? more "money" coming at you.

dennis: it is the talk of the tech toda it's yahooaking a billion dollars mistake buying up tumblr? hoping to turn the users io ad viewing, revenueenerating maches. a company that had a $13 million in revenu last year, how cant be worth over a billion dollars? let's bring in the experts. let's start with you. my expernce with you, and often hate most everything, yet

this deal actually has an upside, let's hear it. >> first of all i think a billion dollars in silicicon valley isn't what it used to be. it seems like a lot of money, but maybe not. i think tumblr had a chance to become the number three platform that matters. facebook, twitter, and no clear number three. what is even cooler autumblr it is youngnd cool when people are looking to uimate social networks, tumblr is one that the young, cool kids want to be. dennis: is yahoo operating from strength or out of desperation and weakne? >> tumblr mac yahoo missed the social media volution, and they blew the mobile revoluti

which is pviding the growth of n valley. this acquisition is aimeto get the who ld a different strategy. we actually have very strong growth in mobile, so there's a potential for this to work out over time, but a lot of risks and bumps in the road to have to go through. dennis: you say it is sort of play money because they bught in a whole bunch of cash. it is not like they used bubble inflated shares, turning out to be a cheaper deal, but one way to make the real billion dollars earned money is to bring in ad revenue. if you look at the tumbler site, a lot of adversers would be terrified to have their brand knew some of those things. what do you say?

>> i think that is less than a risk and people have made it to be. your advertising to somebody's dashboard, to the member, not against all of that content. you don't have to worry it will end up next to some of that content. in terms of the value, you are right, a billion dollars is a lot of money. what i love is what she is really saying is you are not going to takehis company that used to b $7 billion turn it around with a little acquisition in a senseou need ansformational des. love the fact she is saying yahoo has to be utterly re-created from inside and let's go buy something that is great and promising and make a bet they could not make ney of that site but the 2500 salespeople coulddprobably make

money off of this g pile of users. it is very risky and vry daring, but i love melissa meyer for doingt. >> some people would say th is not necessarily the best risk they could take. dennis: a totally different sites, no links between them. >> we wi see. the barrier to entry on a social network is very low. the other risk is if they try to monetize it aggressively, that can sca people away. dennis: kudos to both of you.

take care, gentlemen. coming up tomorrow, the much anticipated vote on whether to strijamie dimon of the chairmanship. and pluswhere there is smoke, usually there is fire. the targeting them even before the recent irs scandal? he will be with us to give his action. can you ever have too much money? no.

dennis: matter what time it is, "money" always on the move.

tivo reporting revenues slightly below estimate. better yet, tivo so the biggest quarterly increase i subscriptions in seven years. the stock is up a little bit after hours. and the countdown isn tomorrow. will he keep chairman and ceo roles? so far the vote to split was 40%, but why? record profits this year, up 50% in the past year. let's find out how it will play out. you watch this stuff closely, do you think what percentage of shares will vote in favor of splitting the title? >> about the same as last year. they are not at all bound by

shareholder expression. dennis: so why are we covering this now? >> it angst about bigbanks, jamie dimon,ake your pick. he does this all himself, the problem with the london trading operation was a complete fiasco from a communications perspective. if they had gotten the sry right from the beginning we would not be having this conversation. dennis: is this proposal more aimed at smacking jamie dimon around, or is it aimed at corporate reform becau the company will operate better if there are separate titles? >> i think it is about jamie dimon. maybe 45, 46%. if it got close to 60%, the board would be forced to do something, but this is mostly about taking jamie dimon down a notch. i don't see this as something at will necessarily add value because the threat he has made

of leaving i find it crible, some might not. >> he shouldn't leave. i actually agree you should separate the ceo and the chairman, especially in the banks. because of thiseeding frenzy, i think the personality issues between him and members of the media for exampl, she proked him. dennis: why do you think these roles should be separated when it doesn't show a company provides any better when you have independent board with a strong independent lead, that caserve that entire roll. >> it is about checks and balances likthe political system. we don't have direct democracy, we have representative democracy. the officers and directors do not have a duty to the shareholders, they have a duty

to the enterprise. when you have small sharehders that cannot affect anything they simply give wages from their investment but they cannot assert control. you need a balan between the manager who is not a signifiiant shareholder. you could be both, of course you can. dennis: i can see how this proposal does anything of what he was talking about. this is a way to humiliate a guy who helped lift the stock over 50% and for pple that are proposing it. >> i think chris and i might take different defitions to ensure the order. the guy is tied to the company, iertainly think he is trying to carry outhe wishes of the shareholders. the real problem is it is

probably counter to public policy, but that is a different question altogether. part of the problem is so difficult for a hoile read on a tank. i don't see necessarily separating the chair from the ceo facing thoseto some extent this is a sideshow to me from what theeal issues are. dennis: i believe enron hadad a chairman and president so at least the structure was in place. >> no doubt. if you have a company that is a mess, does not matter what your structure is. the point is citigroup, we never would have gotten rid of the drum panted. dennis: i get the last word.

thank you to both of you, appreciate it. tomorrow adam shapiro live from tampa with the shareholder meeting, don't miss it. horrific storms ripping through oklahoma this afternoon. issuing tornado warnings for the southern part of the state including oklahoma city. >> we are seeing widessread damage in lahoma, and milewide drago has touched down, and a hugetornado flattenean area near oklahoma city leaving behind major wreckakage and the storm system has tohed more than 10 states now. at least two schools were in the path of the storm, which you can see the tornado blowing throug wide spaces of oklahom. this is their worst fears have happened today, materialized,

and two people unfortunately were killed yterday from the tornadoes, 39 people haveeen injud. major wreckage all over oklahoma. those are eitherlectronic powerlines exploding or ripping apart or cross generators from local tv reports. the tornado moving across oklahoma touching do at certain points. dennis: thank you. speaking of the local reports, i think we will go to fox affiliate for coverage. >> the strong rotation willas ld to your south. now we have to keep in mind this will keep on tracking northeast trying to take somewhat of a righturn wch means it will likely intensify ting rotate and circulate.

you should be in your safe spot, the lowest level of your home somewherin the bathroom, the closet or the hlway. you can get underground, that is fine. not a lot of people have safe rooms, but if you have one, jump in your safe room or yourafe house. that is ere the most immediate threat of a possible tornado is at. you are not seeing anything on the chat room, were you? >> there are reporting of strong system o to the east. use of sugden. >> they are coupling together. you have a very serious rotation, you can see the notch.

a dry notch right here, being sucked into the storm and the storm is lifting coming out like this. that is why you are seeing some big hail likely, moving this way. as you are in path of the storm. same for waurika. three storms we are worried about. this one right here, this circulation wrapping back up again. steve, are you with me? we lost steve for a second, but on storm wch, it looks like, that is his stream right there. what you can see on the radar, that is translating to what we are seeing right here. on the storm right around the

meeker area, it could g like from this to something on the ground in a matter of minutes because this system has had a history of doing that. we are seeing the wall cloud. hard to say if it is rotating or not based on this video. strong updraft right here. a lot of inflow up into the storm suckina lot of things in as far as the energy is concerned, that is chasing that one, and let's go back and i will show you where that is at. heres your rotation, this is where the wall cloud was at on the video. it will behere in about 80 nutes or so, tracking right over pays and go right or the top of sparks. you should be in the lowest level of your home, underground

is the best place to be. otherwise a safe room, lowest level, bathroom, hallway, closet. this is your rotation, this bears watching because of the history of the storm as well. we have this one, before we go let' zoom out. >> north of the air force ba. >> that is what we are seeing right there. thesuper cell we are ccerned about, if the is a tornado warning on it, they are almost ready to punch the core of this super cell and will let us know what is going on. deis: let's leave the emergency weather report. we have some helicopter footage wwe're going to show you of oklahoma city area being struck

by three separate super storms and tornadoes. so amazing footage of a big funnel cloud. now you can see the damage bing done from these tornadoes, more terrifying in a shorter amount of ti. telling people to be safe on the floor, of course they are sitting in their living room wonderinwhat to do next. you can see probably one othe news crew helicopter. think about being up there in the air whe they're is a tornado within your line of sight, not a place i would want to be enough to give credit to the journalists. they already have a bulldozer. previously. and wondering what elseto do and where we will go. >> -- dennis: will go to break and stay up today with this situation. meanile, we will be back.

♪ dennis: of the assertion from republicans that somehow this i that thepresident allowed this to happen is offensive, absolutely offense. there is evidencto support it. dennis:hat was white house senior adviser dan pfeiffer making the rounds on a sunday morning news programs affecting the president from the irs scandal.

reports now show that the white house lawyers knew about the inappropriate targeting conservative groups which raise so many more questions. why did the president know, where and when they start, and what other government departments might be doing similar things? let's turthe clock back nearly two years and you will remember that the fed's, the raid on gibs guitars for impoing illegal would. the bill might have been a olit. and in retrospect, we are wondering because itrevealed them was all part of a longstanding pattern. here with his side in a fox business exclusive we have this ceo of gibson guitar. thank you for coming on the show . appreciate you being year. we thought about you instantly if in the wake the irs thing because we thought, what do you feel now in the have to worry about en they crack down on you it was a politically motivated attempt at scaring yo some have? >> wl, i still have not been able to determine what

specifically cost the raid and very hostile actions that the government took, but certainly someone had to make a decision to spend a lot of taxpayer mone to go after gson and tried to injure our company in th could have been political. dennis: what happened in your case, if i unrstand correctly, is that there isa ra, as if you're importing cocaine. in view bought skind of wood from madagascar and apparently there were is some kind o endangered species problem. what was the outcome? peter is there were two separat raids. >> there were two separate raids . one was fo would defer madagascar are in the other is from india. we basically settled and paid a fine of 00,000 which is fa less than i legal fees.

and they give us back the way from india and we continue to d business in baez sa would . dennis: you continue to ge the same one? at dahlia were dan was somehow illegal. when another businessman sees this and you are a donor to a republican party, that they giv an eagle? >> by no means, and i was shocked, you know. dennis: do you know to thisday? is it being self aggrandizing i you start a campaign saying the came after me because i am a conservative? what happens when other businesses now receive any letter of inquiry from an a obama administration is seekg back to they have to worry that there is some subtext? >> well, i did not even get a letter. i just got guns. you know, adding that there is

potential for a command to abus of authority, and it happens al the time. it happened in our ce, a i think it is a real concern. and i pl on spending time an ttying to rever this trend of overreachi government. dennis: i spoke to a wall stree lawyers said, or you're looking at is not so much the imperial presidency butthe imperial bureaucracy anddare you that ether obama or his tebow are basicallhang a burucratic view that congress refused to, refusing to pass tapn's trade. ththe epa began banning carbon diide. suddenly it is now a hazarus substance. what do you think of the imperial bureaucracy. >> a think it is ectly right, and the really concerning part is, there are no consequences when a bureaucracy oversteps. they are protected. and if i do something wrong as assistant, am held accountable

. i have -- i can have all lawsuit . i can have government regulatio and action, but a bureaucrat in the executive branch does something wrong, he is probably nameless and wi every found t, second, there is no recourse. and that just goes against our justice system. dennis: so far only one guy, according in june anyway. last question, are you going to call for or is anyo called you , your congressman to say, you want an investigation done by e-mails chairman said t government dogma but your case before dysgeusia politics playe a raw? >> well, no one has perce. i discussed the possible investigatiowith congressional members before we settled. dennis: maybe there will be new interest.

alterra raise. ceo of gibson guir. >> thank you for havinme. dennis: coming up, expes promised to keep gas prices for the summer, but that isnow we are seeing at the pump. how much worse can ge? zero we you are. the end of the day it is all about "money". ♪ we went out and asked people a simple qstion: how old is the oldest person you've known? we gave people a sticker and had em show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thi. but even though we're living longer, one thing that hasn't changed mh is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪

♪ dennis: a le wide tornado has hit oklahoma wreaking havoc on property to up property in sending emergency vehicles to troubled areas. neighborhoods are flattened. see a neurologist joins us on the phone. is the danger over or are these tornadoes stillgoing on d can form? >> they can formand into the evening hours. it will back down a little bit. there is a second time late night that cartic activity reaches another peak between tw and 5:00 a.m. the further east in this particular case. we see that happen from time to time and it has to do with what we call the biometric pressure

in the atmosphere. you see that sometimes in this may be a case where people further ease may he to be concerned, but this outbreak is late in coming because there ha been so much cold air around an asia stop the tornado season dense tracks. we are finally getting a lot of heat into the butter -- weather pattern. this is much like a week before labor day, hurricanes, welcome memorial day, this is the prime time of the year for a frenetic activity, so is sort of a silve lining because this is the peak of the action this year. we go back the otr way afte this, but stewart three more days where we have to be very concerned about this system. a lot of abnormally warm and humid air in a weather pattern that is filly come out. has been gone all season, but w have another very cool air mass. that is a necessa ingredient for tornadoes.

the big fight between cold and warm it just happens to be occurring later than normal. dennis: as the. every time a big crisis like this happens, it is the advocates a gainst carbon emissions and the global warmin people, and say it is all because oflobal warming, but in this case it is the ld air that is the factor that has triggered this, not a propensit oversupply of hot air? >> what happens, i think it is despicable that people tried to use that as an example. the tristate tornadoes in the 1920's that path that was 180 miles long and it went from one half to 2 miles wide from missouri of indiana, so when yo look at something like that against this, this happened in populated area. what happened is we have more and more people, a lot more people living in the way of danger our coast an essential part of the united states. it is part of the population. the united state has grown

much since the 50's and 60's , escially the deep south, because of that u will see more damage. on the other side of the ledger and this is where noaa has done such a grt job of improving the warnings that these devastating death tolls have gone down overall. the tragedy for any human life must be remorseful, but compare to the tornadoes and amount of debt that we had in the 40's, 50's, 60's, and 70's -- i mean, the olympic tornadoes bac in the 70's, these are just the ones that killed hundreds o people. waco was another. so these types of things are no as common anymore. the man's death toll, and that is because the government weather service to such a spectacular job. when y get 20 nutes, even if you are only moving to miles-an-hour you will get far enough away to save your life, so it is a very, very, a very

good thing that these tnado warnings have improved likehis . denn: yes, i mean, i know we can watch the course of america and for days and days on the ma been updated, but these tornadoes, stantly out of nowhere which makes them all th scary. >> the othe -- we know and a general sense where they will occur. this is not after the ffcts,, bt last sunday we outlined the entire thing, basically using methods island in the 1970's. you could see this set up. it was finally coming together, so what happens is we know that general area. we can look at the atmosphere b an seeked that weave a situation similar to the 1950's as far as that. so we kn, when you get down to the individual cell, that is where it is tough. remember, the average fetime of the individual thunderstorm cell, not the entire complex is 35 mutes. up and down and form and that i another problem, these comedown

do. i compare hurricanes to bulldozers. these things, you never know when it's coming of this guy. a lot scarier and frightening than a hurricane. you can get other the way if yo choose to. your property cannot, but a day or two in advanc you can if you choose to do so. dennis: we're watching the pictures, and it is devastating. seeing it from a helicopter and is as if a big, huge caught flatfoed china has come in and stompeover an entire neighborhood. truly scary stuff. >> i don't mean to downplay this . please don't misunderstand the disease is a big nowadays, but if thi were 1945 the same storm hit, a lot of that area would have been farm land andpeople areosing track of where we are as far as that type of situatio goes through where we have populated areas so much that th

devastation is greater. more people live in the way of storms. you want to put perspective on the situation without downplaying it. it is a man tragedy for tho of our head. dennis: tse tornadoes, hurricanes, come in and what about operty. federal los, and rebuild rightness' same path. good luck tow, as they rebuild and thank you for being with us and putting that into perspective. the. >> my pleasure. dennis: more on the storm sweeping across oklama right after this.

dennis: how does this devastating twister impt much needed gasolin supplies, joining me is john kingston. thank you. you mig have seen some footage, devastating tornado blowing through in oklahoma, just laying waste to a neighborhood. and turning them into splinters. what kind of related spinoff impact does it have on gasoline supplies, might you know? >> it doosn't. unless you imagine a f-5 goes ad on against an oklahoma refinery, i'm sure there may be oil wells that have been

damaged, they are minimal contributors to over up supply. last night. the first wave was hitting at one point they said it as heading toward cushing, oklahoma, the delivery sport for we were watching that and i was wahing nymex price it was not doing much of anything. for this to affect oil markets you would have a wild scenario in place. dennis: these refineries, my understanding we have not built a new refinery in the u.s. in 20 or 30 yearshat taking crude oil that turns it to gasoline. every time we see prices pop up here, sometimes at the pump even oil prices globally are down, because this is a refinery problem. the question comes why don't we

build a lot more refineries in the u.s. >> there is prob lo probably a e misunderstood fac since we have not built refineries. still a facility that produces a motor fuel, the issue is not shortage of refinery capacity, in midwest several refineries have gone down for schedule maintenance, and it appears a couple of also having problems, that has pushed up the price, this is a small comfort in minnesota, paying4.20 a gallon but it is temporary it will work out. individual markets, have retreated the past couple of days, and this is not a systemic permanent problem, this is a temporary problem. because of issues with refineries. dennis: all right. thank you so much that is well

handled. thank you. john kingston oflatts, that assault money we into the for you, stay t tune on fox business you, stay t tune on fox business for continuing updates on the followi is a id advertisement for starvista entertainment and time life's video collection ♪ one day at a time, sweet jesus ♪ bill gaither's homecoming concerts have brought us songs of hope and inspiration. ♪ well, it's shoutin' time in heaven ♪ ♪ a sinner once lost is found ross america... and around the world, millions have experienced ese timeless songs that celebrate our faith. ♪ turn your radio on [turn your radio on]♪ and now the greatest gaither gospel performances ever e all together on dvd for the very first time. ♪ oh, he touched