it's yours. dagen: thank you. connell: breaking stories. thanks for joining us. i am connell mcshane. dagen: i am dagen mcdowell with a horrific scene in oklahoma and other parts of the midwest as more tornadoes are expected today. connell: stay in put and keeping those jobs, a big data jamie dimon and we are live from the shareholder meeting of jpmorgan. dagen: florida to capitol hill investigations go more. the former irs commissioner in the middle of the targeting scandal delivering his first testimony to congress as tea party protestors rallied around the country. connell: don't forget about apple, the ceo defending his company dance accusations it dodged taxes and also happening in washington, we have that story and more coming up in markets now. >> prayers are with the wrong

people, we will back up those prayers with these for as long as it takes. dagen: president obama pledging support for the people of oklahoma as the state's medical examiner confirming 24 people dead and many more missing as the search efforts continue. joining us on the phone is joe bastardi, put this powerful did the storm in perspective, into historical perspective in terms of its speed, devastation and we have seen tornadoes like this before. >> it is probably going to rank between the 10 food and 50th worst tornado, top-10 list, and a little bit earlier people want to take a look at that. you can see there have been tornadoes far worse than this. i do not mean to try to diminish what has happened because people like to take things in question.

if you start looking from the tristate tornado, two miles wide, tornado like that today would be untold damage given the fact we have three times the amount of people living in these areas as in 1940, and in 1955, most of the devastating tornado, and tornado charts occurred earlier, 2011 was an anomaly, phe greatest tornado years in the united states in the 50s 370s. coincidentally we are in a similar pattern to the 1950s. people listen to me, sound like a broken record, the atlantic is still warm and the united states gets a lot of drought and a lot of heat, hurricanes on the

eastern seaboard and you see speights in tornadic activity like the 1950s. basically you are seeing what happened beeore happen again. dagen: that clash of temperatures creates the environment for the tornadoes so it is not just warming. >> as a matter of fact if you look -- you hear the frustration in my voice. if you look at the actual real facts it is when it is colder that tornadoes are prominent. in 1975 there was an article claiming the pulling that was occurring than was enhancing tornadic activity across the united states. people don't understand the united states is closer to the equator than it is to the north pull so infiltrations of cold air masses late in the season in the month of may versus may of 2008, at last time oklahoma had a massive tornado. you see these types of things go on. 2011 phenomenon was very warm

across the south, very cold across canada and northern plains of the united states and set the whole thing in motion. in oklahoma city for the month of may, 4 degrees below normal. we don't want to diminish what happened as far as tragedy and misery, people living in the way of where these storms go, before i go, no lot is doing the fantastic job with these warnings that is unbelievable as bad as it was, getting those warnings out of 30 minutes in advance and that save countless lives and they should be proud of themselves. guns: joe bastardi. connell: another meeting is the jpmorgan meeting and before we get to the issues jpmorgan is waiving fees for the victims of those tornadoes who lost homes. dagen: an announcement came at the beginning of shareholders'

meeting, an important one for chairman and ceo jamie dimon, voting on whether to keep his title as chairman at the beginning of the bank, live in tampa, florida with the latest. connell: sources close to the vote. adam: have already liked that, jamie dimon will maintain his role as ceo, we won't get the official told until later in the percentage of shareholders who were in favor, last year 40%, expected to be even greater this time. jamie dimon began a meeting with his thoughts and prayers for the victims of the tornado but before the meeting started he was mingling with shareholders in the auditorium at the chase campus in tampa. he was smiling, he was in command and in control but also a jovial and having a good time before the meeting started. at the issue about splitting the c e o roll from the chairman's role as well as new york city comptroller's office representing new york city pensioners said this is a

conflict of interest and the london whales fiasco highlights the problems that have arisen under jamie dimon. lee raymond, presiding director of the board of directors actually said this is not the time for disruption, they have much work ahead and he was referring to the oncoming regulatory programs jamie dimon stalls or 0 -- shareholders they can expect. connell: adam shapiro from tampa. i want to bring in senator judd gregg, out of new hampshire, he was named ceo securities industry and financial markets association. jpmorgan. for joining us about before we zoom in on what adam was reporting, what is your view if you have a general view whether large banks should have the same person mr. chairman and ceo? >> that is up to the stockkolders, the board of directors.

my view is jamie dimon is one of the best leaders of financial institutions, i a very small stockholder of jpmorgan and strongly for keeping him as chairman and ceo. i see no reason to separate that, it is very complex and very significant, needs leadership and he is a very strong leader. it is really corporate political correctness to try to separate these rules arbitrarily and for no good reason and you could end put a lot of disruption and dysfunction if you do that and increase the risk to the shareholders their assets will go down instead of a. if you look at jpmorgan if you our shoulder you have to be happy, they have gone up 18%, dividend goes up. connell: repaving -- whether it is an arbitrary discretion on not there are those who argue that this shareholder meeting and at other banks that there's a conflict of interest.

>> i find that not defensible. the simple fact is there are a lot of institutions starting with the president of the united states who is commander-in-chief and president where you want a single leader and there may be institutions where you don't, a benefit from having chairman and ceo but there is no conflict of interest here and i'm look at it the other way, it strengthens the organization specifically if that is what the board of directors wants and what shareholders feel benefits their value in the company. that is the test. are you increasing the value of shareholders'? connell: a large bass went wrong through jpmorgan, lost a lot of money at the time, as you say the bank, financially, certainly righted the ship and a loss on the london whales for with the overseas tread, not a bad bet do you think there were issues created of corporate governance had there been better oversight or risk control so something like that could be prevented?

>> obviously. connell: talking to the ceo would that have helped? >> no. the failure was well below the chairmen or c e l's level, the risk was taken and failure of the risk oversight committee, i presume they corrected that, it is not occurring again to some degree i look at the bright side, glass being half full because the big issue as an economy is whether the financial institutions can survive significant hits and will function effectively creating credit and capital but -- in the post 2008 period and they did it. they basically took a pretty big hit here and continue to make money and stockholder value went up and that shows we are getting stronger in our financial structure. >> your role as we zoom back out

after zooming in on jpmorgan, too big to fail, something being debated, being implemented, where are we on that? are we going in the right direction for the interest you represent or do we have to make some changes? >> dodd-frank is a piece of legislation, legislative action in the banking arena and probably in our history and to double the along time, big to fill is not adequately address. we did not support the concept of a bank or institution being too big to fill. if you should feel you should sell. we think there are ways to do that. relied on title 2 which is dodd-frank, or works right is appropriate, moving on to tidal 2 which is basically already dissolution, you move on to bankruptcy, an appropriate way to consider it. there are wasted do this, and

strengthen the financial institutions, the key is to make sure we end too big to fail. connell: hopefully we will have you on. senator gregg, thanks a lot. the a irs hearings underway, former irs commissioner douglas schulman facing tough questions from the senate over how the targeting of conservative groups got started in the first place. >> inspector general's report found the tax-exempt units was a bureaucratic mess. employees were ignorant about tax laws. defiant over supervisors and blind to the appearance of impropriety. this is unacceptable. the tea party is demanding answers as well, activists protesting outside irs office around the country, justin phillips is founder of tea party nation joining us outside the protest in washington d.c..

what the you think these protests can accomplish? >> it will accomplish a number of things, it will keep the story in the public eye, revitalizing the tea party movement and helped us. for some serious reforms because these are aris of the uses, the obama administration's irs is not the first to do it, clinton did it, johnson did it, kennedy did it, on and on. what we need to do is change some was to make sure this never happens again with a future president. dagen: shouldn't have happened in the first place and it goes to supervision within the irs so you could change legislation, the supervision is even under future administrations nothing will change. >> yes it will. if you do the right change. the change i'm advocating is let's make the status for an irs audit the fourth amendment. the department of homeland security can't kick your door in because they have to have a

search warrant. fourth amendment protects us from unreasonable searches and seizures, tell me is it an irs audit just a textbook definition of an unreasonable search? irs agents had to swear out a warrant stating their probable cause for believing there was a violation of tax law, that would eliminate these arbitrary and capricious irs audits on political opponents of the administration. dagen: have you talked to many congressman about this potential legislation? are you hearing some willingness to proceed? >> yes i am. i talked to senator mcconnell's office and also some folks on the hill, there is some interest in it. i will be talking to them further this week about the ideas we are putting forth on raising the standard for the fourth amendment to apply to the irs and also another great idea, let's start making these iras agents personally liable when they do things that violate people's right. first time an irs agent gets run down by a jury they have to pay the judgment, not the

government, that will make every irs agent stand up and fly right. dagen: speaking of legal avenues there was a lawsuit filed yesterday by a california tea party group against the irs. is that an avenue you will pursue as well? >> that is an avenue every group that has been agreed by the irs should pursue. one of the beauties of the seventh amendment of the constitution is it gives every citizen no matter how weak or powerful access to the courts of this nation and we will discover more about what happened through civil litigation that we will ever discover from what the obama regime will never tell us. dagen: we have those hearings going on where you are, thank you for being here, justin phillips, be well. connell: we will monitor the irs hearings that the other thing is the apple ceo speaking of hearings on capitol hill as well and he has tax problems and is being questioned, tax questions he is being presented with, timm cook will get to that. dagen: who knows more about tax law?

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connell: different this time around as he heads back to d.c. and liz macdonald is here with the latest on the tax controversy surrounding apple in the news room. >> here's what senator carl levin said about a tax strategy. >> apple has been able to create two or three phantom corporations in ireland that don't exist anywhere for tax purposes. that is the epitome of tax creativity. >> apple avoided income taxes by $74 billion worth of profits from these overseas units, these units in ireland essentially calling these irish units, quote, shells or phantom corporations used to avoid u.s. taxes. the senate report does say there's no evidence apple engage in any illegal wrongdoing here but apple is flat out saying of the senate report is wrong, these are not how operations or phantom operations but employ

4,000 workers in its headquarters in ireland overseeing two thirds of global sales and sell apple products in europe and africa, india, asia, manufacturing, customer service apply change and finance. apple is saying the senate misapprehends the entire business structure of apple essentially saying apple does pay u.s. taxes on investment income out of those irish unit, does pay local taxes overseas and here in the united states and has paid $6 billion in federal income taxes back to the u.s. one of every $40 comes from apple and also saying its operations create or protect or support 600,000 jobs in the united states. back to you guys. connell: we will watch how tim clark does this. data still paid billions of dollars in taxes to the u.s. still not happy with it then change the tax code, basically -- connell: all you could do. could be tim cook's talking

points. dagen: for speak with that accent. we want to get you back to the search efforts after that devastating tornado in more, oklahoma. president obama saying those presidents will get everything they need immediately to cope with this. connell: we continue to monitor the irs hearings on capitol hill, senators growing the former leadership of the agency, former commissioners there, douglas shulman, we will see interesting testimony from earlier today in terms of trying to explain who, what and when and what wasn't talked about earlier. more from their coming up but more currencies on markets now and everybody varying today against the dollar.

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>> 25 minutes past the hour your fox news minute. texas governor rick perry has sent texas air force one to held in oklahoma's recovery efforts, an elite search and rescue team arriving with 70 first responder to specialize in rescuing victims who have been trapped in

fallen debris. the task force was last deployed when texas and a fertilizer plant after explosion in april. the fbi now says if you members of the hostage rescue team, in a train accident fell to their deaths from a helicopter off of virginia beach. the special agents are part of the counterterrorism unit created in 1983, the toughest hostage assignment. the new york golf association is banning anchored putting strokes. the controversial stroke allows players to rap the putter against their body and create a pendulum like swing. the pga tour, 15% of professional golfers use strokes, has not settled adopt that ban. those are your headlines. back to dagen mcdowell and connell mcshane. dagen: actually not of dad golfer. dagen: thank you for that.

connell: no, no, no, i probably should get one of those. a lot of people use them. let's go back to d.c. because in the hot seat for the first time the guy who was in charge when the irs is targeting some conservative groups. dagen: one set in front of congress nothing happened here. peter barnes in washington d.c. with more. peter: doug shoen has not had much to say. the real confrontation came between senator orrin hatch, top republican and steven miller who was the acting irs commissioner who took over after eshelman left, hatch and other senators sent letters to the irs asking about targeting of conservative groups and the tax exemption process and the letters they got back signed by miller was pretty standard that they didn't let on that this was under way or that they knew about it. that amounted to a lie according to senator hatch. take a listen. >> why did you mislead me and my

colleagues? my fellow senators and most importantly the american people by failing to tell us what you knew about the exact subject we were asking about? why didn't you tell us? >> i did not why. i did not live. >> you knew what was going on and you knew, should have told us. >> i answered the questions, and said them truthfully. >> the inspector general whose reports triggered all of this, russell george said, quote, suffice it to say this matter is not over, there will be continued review of this case that could lead to additional investigations, so there could be more trouble from the inspector general and secretary treasury secretary jack lew is testifying, he got hammered in the senate banking committee about the scandal and he said, quote, this is unacceptable and

that the new irs commissioner who takes over tomorrow, daniel waffle will hit the ground running and report back to him and the president in 30 days on changes they plan to make over there. dagen: peter barnes in washington. >> weather is the irs or benghazi or justice department, the big impact on president obama's ability to get things done during a second term. dagen: is that a bad thing? neil cavuto is here to weigh in on that. here are today's winners on the s&p.

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plus get this document shredder free-- but onlif y act right now. call the number on your screen now! the attack microsoft, what nicole petallides is watching. >> looking at microsoft, a new annual high today, we're watching microsoft because this is the long awaited a awaiting for the new x box, latest and greatest x box, falling back after hitting this,% but obviously we are talking about the new x box that will have all kinds of features possibly from being connected to buy movies, link it to tablets, it may have recognition of your face, obviously everybody is waiting eagerly for the new x box. the name could be durango or x

box 721 other things. connell: thank you. dagen: three of four americans say the irs scandal, the benghazi investigation, justice department subpoena of journalists phone records will make it harder for the president to accomplish his goals. connell: neil cavuto at the fox business network joins us now, and dagen mcdowell was asking if that was a good thing. >> it stymies the spending agenda, i think scandals of any sort, republican or democratic presidents that an element of the unknown and that is what we have for investors so i tend to think it doesn't help matters any. this president might, like watergate type scandals, because the economy is much better, not gangbusters better now but better than it was in the watergate period and i always think the economy makes a big difference during a scandal. saved bill clinton, saves ronald

reagan during iran-contra, torpedoed richard nixon. dagen: to what extent will these problems plaguing the white house hurt the economy? somebody asked this morning it doesn't look like the stock market is concerned. >> normally gridlock is good, but this is one of those rare occasions i part with that view because there are a lot of problems like dealing with the debts, we have gone through the debt limit, we can rob peter to pay paul and keep doing this for another few months into the fall, but we can't keep playing these games, we have got a brief window here that is shut, we are going to develop a simplified tax code or address a long-term budget that takes that vantage of this brief opening improving revenues coming in and deficits coming down but it is short lived. connell: back to the clinton

administration, mike mckurri was quoted in the wall street journal talking about what they did, strong economy, focus on other issues buzz that doesn't seem anyone is listening to president obama, let's talk about immigration, the other big issues, not cutting through. >> can't run and brag about this market that is running away with itself because he can't really -- for another it is all scandal obsess and there are reasons for doubt and obsessing about it but i do think this notion that it helps the mark a long-term, i got to tell you know president, republican or democrat when there's a question of scandal where so many potential scandals at the same time, people forget and only to my age here the watergate hearings started out what was deemed a liberal, all against a republican president that go nowhere fast and opening hearings in the house with sam

irving were considered a joke, richard nixon was considered safely ensconced in office and we knew one hearing led to another hearing, led to republican howard baker famously asking that question what did the president know and when did he know it and conflicting testimony the idea that there were tapes so things just happen, the more witnesses you have the more testimony will conflict with another and that invites the problem. dagen: with the irs scandal this shines a light on an increasingly powerful part of our government with the health-care law, the enforcement. >> we had 16,000 irs agents taking of the health-care law. whether that is a dumb idea i have serious qualms about that. when you have a problem with your contractor working on your house and he blows up your basement accidentally, but he is responsible for also adding a wing to the house and fixing up

the attic, you would just say here's what i am going to do, i want to go slow on this. that is where we stand with this. we have enough proof that the irs abused its privileges. weather was done by rogue agents or others the fact is it became disasters. you want to put more power to those people's hands and you go slow and that means the health care thing. did make you hired a contractor -- >> new jersey contractor. connell: neil cavuto appeared on "imus in the morning," very busy already. you know the thing -- we start on the radio simulcast and a lot of times we don't wear ties at this hour of the day but this is you. >> by this hour of the day normally. this is a good conversation and i am running with it.

connell: thank you. dagen: the general rule, mustard doesn't work. >> thanks for being here and fired up, i showed up. don't patronize me. connell: 8:00. dagen: 6:30 on saturday. >> what i was your age i was a lot younger. connell: i feel like dan pfeiffer being elected -- dagen: with all due respect that is the same as bless your heart. connell: thank you. the net good bye. >> he said i would have half an hour. connell: every time. dagen: thank you. goals. that hose commercial we always hear about, bowls. is it the way to go? if you are worried about inflation by house. we will ask them. connell: let's go to the treasury market and looking at

yields. thanks for joining us. we will be right back. we went out and asked people a simple question: how old is the dest person you've known? we gave pele a scker d had them show us. we learned a lot of us ve known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing tt hasn't changed much is the official retirement age. ♪ the question is how do you make sure youave the money you need to enjoy all of these years. ♪ welwhere new yo state islo... investing one billion to enjoy all of these years. dollars to attract and grow business. where companies like geico are inveing in technology & finance. welcome to the state where cutting taxes for business... is our business. welcome to the new buffalo. welcome to the new buffalo. welcome to the new buffalo.

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connell: monitoring in number of given situations as you look at them in washington. the top left of your screen, those irs hearings are still underway, questioning of a former irs commissioner, the

outgoing acting commissioner of the irs, treasury secretary, jack lewis testifying and faced a number of questions about the irs scandal, look at tim cook, the bottom left, the apple ceo saying we paid every cent of taxes that we owe, he is questioned about apple possibly dodging his taxes overseas in ireland and the united states, and adam shapiro reported to that, in tampa expected to hold on. the neck which means the most powerful. gold going down again today, it is off 17%. and it is a good bet if you don't buy. ben bernanke'' magic tricks, in europe pacific capital.

when is the inflation going to show up? >> the inflation won't show up until we are talking with q e as most people including corporations are storing it in bank deposits roughly $4 trillion of bank deposits, that is part of the monetary base. it is only when the banks start leveraging it up and linda into the economy that becomes money-supply and therefore highly inflationary. those people that expected high inflation as a result of the massive q e, when people were not going to spend it on consumer items or building factories that were going to keep it in the banks were wrong to buy gold or hedge against inflation. the people who were buying gold as an insurance against financial catastrophe such as a currency crisis were probably right in the long term. and of course speculators got attracted into it when the price rose 7 times in 11 years, speculators came in. the interesting thing about the

speculator is is they are traitors and they bought the piper goals, and v e t fs, long-term investors tended to buy bullion and to a lesser extent but still an aggregate, huge amounts of gold clients. the interesting thing is now all that speculators are moving from the gold market into the stock market fed by q e, they are shedding the piper gold ntt ofs driving the price down. meanwhile you try to buy gold:a and you are payi $1,500 an ounce of people weeks behind. dagen: doesn't mean owners will hold on to that gold. doesn't mean it can't -- it is losing money, losing value. >> it depends who you sell it to, if you sell gld it is going

down, that is a piece of paper. you have to own 100,000 of that to translate into actual gold. dagen: but don't taxable gold. >> it owns gold. dagen: it owns physical gold. that gold is worth less. >> yes. not quite. a piece of paper, if i buy it, 100,000, if i change my and can't get the gold i can only get a piece of paper. therefore, i would rather have gold coins if i am investing in gold as opposed to trading, mike reddick account tie traded in etss. the gold coins i still am continuing to buy because we are heading for a catastrophe. dagen: do you think we will have a global currency crisis? >> if you think back to 2007 you saw the real-estate, the banks

too big to fail, piled up with derivatives, problems like them, the currency crisis, suddenly it is all sold and no one has had any punishment, it is all created by the creation of forced money, d. think this will end well? dagen: not until i wait for doomsday. >> texas university invested in gold bullion and not only took delivery but build their own faults to hold it. they didn't trust the government at all. they are right. the car from texas. thank you. everybody under one gun. thank you. john brown, be well. >> buy the metal, not a paper. dagen: connell: back to the story, in washington d.c. tim cook testified over the company's tax practices, live pictures as we

are joined from the new york stock exchange buy mark newman, looking at stocks so we will focus the discussion on the apple's stock price. the accusation is not that apple broke a law here, it is that use loopholes in the american and irish tax codes to pay -- does that have an effect. >> in ireland, they have education and help create jobs, tim clark said the finest products and happy to beat the u.s. american company. some of the company in one more innovation. the testimony could provide an interesting feeder and it will be important in establishing -- a lot of people realize, the

more dysfunction landon competitive in the world so something needs to be done. the fact that apple is not responding to these regulatory changes is important and tends to grow. connell: it might be positive. is that your take? let's reform the tax code? >> it would be positive. the fact that they are willing to go down there in this environment could help avoid future antitrust regulations affecting companies like google as they start to grow. if you are an 800 pound gorilla in the room you will face increasing amounts of scrutiny and government attention so in general it is positive, it is a starting point for talking about tax reform which a lot of americans. connell: more to come and the apple story, thanks. dagen: breaking news from the jpmorgan shareholders' meeting, based on preliminary results on the shareholder vote jamie dimon status as chairman and ceo of

jpmorgan chase. the vote count preliminary results, the polls closed at 11:45 eastern, more than five minute ago, 32.2% of the vote was in favor of splitting the ceo and chairman roll. i year-ago the vote was 40% so fewer votes cast in favor of taking away the chairman's job from jamie dimon. that is a vote of confidence. preliminary results according to adam shapiro who was at the meeting. slicken jpmorgan stock today up 2%. connell: really interesting that it was fewer votes this time around, lower percentage. at shapiro with more on that as markets that all. and number of breaking stories. the latest on the tornadoes in oklahoma. we will be right back. keep it here. all statio come over to mission a for a final go this is for real this time.

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connell: markets now covering a number of developing stories. irs hearings have fireworks as former commissioner testifies today, treasury secretary jack. testifying as well going clockwise from the top of the screen on the left and jamie dimon keeping those titles, chairman and ceo of the shareholder meeting underway and wrapping up in tampa, florida and tim cook of apple same week a all our taxes and as mark neumann said a moment ago from the stock exchange maybe there's precedent being set, discussion about corporate tax reform. all of that may be wishful thinking. dagen: one of those meetings delivered answers today, for jamie dimon. 32.2% vote in favor of splitting the job of chairman and ceo lower than a year ago, 40% the

year go. connell: three of the four are live hearings of the go to foxbusiness.com and show the mall on television, watch the money internet. don't go home as well with even more twister's expected, what a -- dagen: going by the mayor of oklahoma city on how that part of the country is coping. thank u orville and wilbur...

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dagen: the ceo of apple, tim cook, is answering questions. let's listen in for a moment.

>> now, aoi is incorporated in ireland. is that correct? >> yes, mr. chairman. >> where is it a tax resident? >> it does not have a tax residency. that does not mean that it does not pay taxes, the interest that it earns is paid, u.s. taxes are paid in full on apple inc. >> the tens of billions of dollars it has in cash? >> correct. >> all right. those tens of billions of dollars in cash earns interest and that interest is paid by

apple inc.; is that correct? >> yes. 35%. >> there is no tax paid on the money itself that has been said to aoi by the distributors; is that correct? >> the income of the subsidiaries have been subject to tax in the countries in which they operate. >> there has been no tax in ireland or the united states on those profits; is that correct? >> no u.s. tax on the transfer of those balances to aoi, the income earned by asi and aot has been subject to irish tax and

full in accordance with the agreement we have with ireland. >> is that a maximum of 2%? >> mr..chairman, i am not precisely sure of the mechanics. >> has aoi filed a corporate income tax return in the last five years? >> no. prior to that it made violins in france for a print operation there. >> they paid no income tax for the past five years; is that correct? >> they did not, but apple inc. has paid corporate income taxes. >> i did not ask you about apple inc., i asked you about aoi.

what is the amount of cash that went to aoi for those dividends? >> over what period of time? >> five years. >> -- aoi is a holding company. cheryl: good afternoon. i am cheryl casone along with dennis kneale. the question here, did apple use, basically, overseas tax initiatives to avoid paying u.s. taxes. this is in regard to its ireland operation. tim cook looking pretty strong and confident so far. dennis: we are monitoring that.

cheryl: we will continue to look at those hearings. there is a lot of breaking news today. including what has been happening down in oklahoma. it really is devastation. the city of moore, oklahoma, trying to recover after a massive tornado ripped through that area. the number was revised down from 51. authorities are warning that the death toll could go higher. people are being treated at area hospitals. they are labeling this tornado and he asked for. officials say it could be upgraded to an ef5. >> there are empty spaces where there used to be living rooms and bedrooms and classes.

we will need to refill those bases with love and laughter and community. cheryl: the president saying he will be sending down federal assistance. have they arrived and have you begun to really address the cleanup? >> the debris that eyewitness this morning was just devastating. i have never seen anything like it. debris fields for the team. cars upside down, books, toys, just scattered around. trees do not have any bark on them.

, is impacted with four square miles. cheryl: i know that the senator says he wants federal aid to help oklahoma. he says he wants that finance with budget cuts. less than 24 hours later talking about how you will finance federal aid. does that surprise you? >> well, it does not surprise me when you contribute it to him. he is very fiscally conservative that does not surprise me. that he may take it within hours may seem a little insensitive.

cheryl: tell me what you think will be the timeframe. sadly, you are used to twisters like this. the disruption today is unprecedented in many people's opinions. what is the timeframe that you think we are looking at? >> well, that is a good question. we have not had any sort of significant weather incidents in oklahoma city as far as torn attic activity. this does come back to the 1990s when we had a similar one. we are trying to get people back where they can view their property today. in most cases, we are doing a utility assessment. you have electricity and water

and gas to try to take care of. some of the hardest hit neighborhoods, they will be removing debris and a lot of different things. the loss of life is something we are concentrating on today. we have moved past the search and recovery. i think today we are just kind of taking a deep breath. cheryl: you are saying that you are kind of moving a little forward. at this point, 24 deaths, nine children, seven were at the school. do you think or do you not think that we will see a definite increase here? >> that is a good question. we are dealing with the medical examiner's office as well. i cannot necessarily explain it, but i cannot contradict it either. cheryl: i know the administrator

of fema is on his way. thank you. >> thank you. dennis: jamie dimon winning a big one. keeping both his ceo and chairman titles at jpmorgan. adam shapiro is live. >> the percentage of shareholders that voted for this split. last year it was 40%. is that a victory for jamie dimon? we are joineddby a corporate governance consultant. she is here to talk about 32.2% would seem for your cause, which would be to get a split, seems like a defeat. >> well, i think, if you look at

what has happened in the last couple months overall, you see a very active discussion about the roles and chairs of the ceo. >> the proponents of the split say it is a conflict of interest. the board can fire management. management cannot fire the board. you got the idea. do you worry going forward? there was a question about successor. >> i think you see and do here we raymond there will be changes.

>> we are seeing revenue. squeezed. first quarter was essentially flat year over year. is mr. diming going to be able to perform as he has in the past? >> the connecticut pension funds surely hope that he can. this is very important. this is part of why we wanted this resolution. we would like very much to see jamie dimon focus on the ceo role of running the banks in a highly complex environment. he has t jobs. we think there should be a very independent chairman who can

take that job. it concerns us greatly that he is doing two jobs. we would so much rather have him focused. he is a greatly talented man and very complex. >> thank you very much for joining us. a couple things that shareholders want to keep in mind, mr. diamond alluding once again to future action. the consent orders that they have already had with the occ, that future regulatory action is coming and they should be prepared. dennis: thank you very much, adam shapiro. let's bring in dan shafer. jpmorgan chase stock pops up

2.5% today, maybe in reaction that jamie dimon will keep his two titles. does this deal with a setback to corporate overhaul? the boat got less than it did a year ago. >> i did not expect it to get less. i do not like to hear when people compare another industry to the dual role versus the banking industry. bernanke is head of the federal reserve. it seems that jamie dimon -- it just gives him too much power. that settles back to that $6 billion loss. there may be other losses that are uncovered yet or we do not know about. i think two sets of eyes on what is going on in the bank.

dennis: i have to wonder, exactly what were the do-gooders complaining about? the earnings earned a record. five of the 20 banks you follow, only five have bothered to separate their titles. is this a tempest in a teapot? >> we put it in context, even absorbing that loss. there will be volatility in some of these banks. this boat is a real statement to say that the long-term performance of what jamie and jpmorgan has done.

>> it is not like the stock has popped up. i could certainly produce some returns and have a party to. there is a tie between the federal reserve system, the banking system in this country. it is in the news every single night about this leader. dennis: use your selves that they split this title with jamie dimon. why would a board ever vote to then do the things that will send profits and share price down just so they look good on paper? >> because the future has many investigations. the possibility, how will the

bank handle that. what will happen when the tide changes? dennis: marty, it sounds like you have to sacrifice the land to get the regulators off your back. >> it is a lot of these overhang industries. dennis: we have to wrap. thank you very much for being with us. >> thank you. cheryl: we want to update you on business is recovering. former irs commissioner testifying this morning. he again refused to apologize for targeting in the targeting

scandal. he was asked questions and did not give any real answers. that is one story we are following for you right now. the office is investigating. apple, let's look at this. lower tax rates. that is the issue here. tim cook just finished taking questions from the committee. the company is legally responsible. dennis: this is not a hearing about illegal maneuvers. apple is doing everything legal. cheryl: that committee just recessing. tim cook sang 100 billion overseas. finally, jpmorgan ceo jamie

dimon. he is retaining the chairman title. dennis: extraordinary. 40% vote when he is in more trouble. when you lift your stock price over 50% a year, maybe you're shareholders are happy and they don't care whether he has the chairman title. cheryl: he looks pretty confident. dennis: let's go to the new york stock exchange. nicole: we are watching herbalife closely. it has reopened. it has since moved to the upside. it is now up three and a 3%. a couple things, they have not engaged with coopers. we sell the stock jumping.

rising 11%. you have karl icahn who has built a strong position in herbalife in recent months. some are getting squeezed. in the meantime, you can see it has been running up. back to you. cheryl: thank you very much. the irs commissioner in the middle of the two-party targeting scandal. peter barnes has been covering that story from inside the beltway. we are looking at so many moving parts today in washington. again, he did not answer questions. he did not want to answer questions. peter: yes. we also heard from the top republican on the senate finance

committee and hatch very upset with the white house. especially after the white house said yesterday that the white house counsel and chief of staff to the president were briefed on the fact that there was this report underway. then the white house says neither of them told the white house about it. take a listen. >> these hearings are not some sideshow designed to distract from the president's agenda. i hope that the president and his administration are not attempting to distract us from getting to the bottom of this. don: senator hatch, the democrats are pretty angry about this as well, senator hatch says the committee will pursue its investigation "where ever it leads."

take a listen to this. >> it started the day after the report was made public. we will continue as the new acting commissioner takes place tomorrow. we have to restore confidence in the irs. peter: that report came out last week. the inspector general himself testifying today. he is continuing his review and that may lead to additional investigations. cheryl: peter barnes live in washington. thank you very much. dennis:@2:00 p.m. today on fox business, senator hatch will join ashley webster and tracy byrnes. google and apple in the internet radio space. cheryl: we will head back down

to moore call oklahoma live. residents are working to recover and deal with all the distractions down there. as we go to break, i want to take a look at world currencies. ♪ we went out and asked people a simple question:

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♪ cheryl: residents are working today to recover after that massive tornado hit moore, oklahoma. >> good afternoon. when you look at the scope of the devastation here, you wonder where do you begin in terms of the recovery effort. unfortunately, here in oklahoma, they have a lot of practice in doing that. this was a three-story facility. today it is a two-story facility. the entire third floor has been ripped off and dumped into the parking lot. workers are already ringing the

perimeter with a fence. they brought in puerto potties. most likely, they will rebuild it in the months to come. if we swing over here to the right, i-35 going southbound, you see the rubble of what was a warehouse. there was nobody inside that. here at the medical facility, there were only a few people inside. there was a rescue team going through just a few moments ago. they did not seem to have anything to report. i think it was just one last time through this medical center to make sure everyone got out safely. if we pan over to the west, uc and edge edge of the neighborhood where the major destruction begins.

all of these houses are uninhabitable. they will have to come down. there is a school where they are looking at 24 kids being buried in the rubble. cheryl: we hope to hear many positive stories. thank you very much, johnn dennis: the cleanup effort will be massive. home depot has 119 stores in the region.

joining me now is home depot southwest regional manager. you have a 15,000 home depot workers in that region. do you know they are all safe and sound? >> we have not connected with all associates in the area yet. we are reaching out to every single associate. at this point, we have not confirmed every one of them. dennis: home depot has created a million-dollar fund. you are also donating more in supplies. what is the latest there now? >> first of all, i really want, i want to extend our hearts, dots and prayers to all the people affected. we realize we are more than a

business. we are a part of our community. in terms of our home depot foundation, we have given $1 million. $250,000 is going to the red cross for immediate relief needs. we committed $100,000 to a team for recovery efforts. at this point, our store remains open overnight. that is to allow the emergency response teams to get the necessary supplies. we have also donated here locally to fire and emergency response and police teams.

we have an incredible group of associates. dennis: you have other home depot workers who are coming in to help also? >> yes. we bring in cruise. we have a couple cruise in from the dallas, fort worth area. we will also have our team of volunteers out in the communities. they will just volunteer and help the community and help them recover whatever they can of their personal belongings. dennis: all right. you know what, i think in this era, especially today, a lot oo people beat up on big business. it is nice to see you chipping in. >> thank you. i really appreciate the opportunity. dennis: good luck.

cheryl: bottom of the hour right now. let's focus on business once again. let's go to the floor of the new york stock exchange and nicole petallides. microsoft putting out a new xbox console today. nicole: the stock moved to 35.27. that is a new annual high. it is unveiling this new xbox console. we have seen the stop running up over the last several months. we continue to watch for details pertaining to the xbox. we will see whether or not it certainly holds and then becomes a hot holiday item as well. lagarde list of all of its features, i am sure that my children will have this on their list. it really has continued to have

hot sales and will continue to be a hot item. dennis: apple ceo turned the table on senators. you want apple to pay more, then you should cut the corporate tax rates. the president of the corporate foundation defends him had. cheryl: chief matt winkler, he just cannot get away from the television set. we will talk about that. ♪ ♪ [ femalannouncer ] from more efficient payments.

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cheryl: tim cook was testifying in front of a congressional committee about a half hour ago. take a look at apple shares. it is up. if you look at this, yes, a little bit of volatility in the last few months. that has been a product issue. 17% rise here. he defended the company's tax practices. he denied that apple uses loopholes. >> we do not depend on tax gimmicks. we do not move intellectual property offshore and use it to sell our products back to the united states to avoid taxes. we do not stash money on some caribbean islands. we do not move our money to fund

our u.s. business. cheryl: scott hodge joins us now. apple and u.s. multinationals, in general, are being unfairly targeted and accused of tax dodging. where do the senators get the idea in the first place? >> well, i think, the basic thing is they do not understand how the u.s. tax system works. they do not understand how on competitive the u.s. tax system is in the global economy. we also have one of the most outmoded international tax systems in the country. they are switching from outmoded worldwide tax system to a more friendly, territorial system. they want to make their companies more competitive

locally. these senators simply do not get it. cheryl: some of the senators say they are big fans. john mccain saying, look, maybe corporate tax needs to be brought up front and center again. is corporate tax reform even something that will be discussed in washington? >> well, it is a shame if it is not. everyday we stand still is another day we fall behind the rest of the world. both japan and the uk have turned away from a worldwide system to a territorial worldwide tax regime to make themselves more competitive. everyday we hold these kinds of hearings is another day we fall

behind. cheryl: scott hodge, thank you. never boring. thank you very much. >> you that. dennis: bloomberg reporters were snooping on bloomberg's wall street client. first, a look at ten year ♪ technology & finance. welcome to the state where cutting taxes for business... is our business. welcome to the new buffalo. welcome to the new buffalo. welcome to the new buffalo. new york state is throwing. out the old rule book to give your business a new edge, the edge you can only get in new york state. to grow our start your business, visit thenewny.com

♪ >> i have your fox business brief. nine wall street firms are rivaling bloomberg's widely used program. the times says wilbert competitors are teaming up to develop the new tech knowledge he. the service is extremely valuable for bloomberg. the soccer business. the yankees are teaming up with a football club to be part owners of a new major league soccer team in new york city. it is the 20th team to join the league and is expected to start playing in 2016. that is the latest from the fox business network. giving you the power to prosper. ♪

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♪ dennis: oklahoma is home to u.s. oil reserves in cushing. wild weather remains in the forecast for the near future. let's head to the trading pits of the cme and phil flynn. how is oilbearing pricewise today? >> right now what we are hearing is that there is no major damage. there was no refinery outages due to power blouses. obviously, though, when you look at this from a demand viewpoint, that is where a good the herd. rbob futures are actually falling today. sometimes when you have these

-- we are seeing pressure across the board and oil, and gasoline and on lead. a little nervousness ahead of inventories which should show the crude oil supplies hit another all-time record high. back to you. dennis: with the devastation, i would have just not the mere fear of those images would have been enough to send prices up a bit. are you seeing as much reaction as you may otherwise expect.

>> not really. because it did seem to ms. the refineries on a direct hit, the fear was more flooding and power outages. that did not happen. right now they are not that nervous. dennis: thank you very much, phil flynn. cheryl: a quurter till. time now for stocks now. it is a red day for the s&p. what sectors are you focused on. >> retail, for the most part, we had great earnings for home depot and also stocks like autozone. great strength out of financials. a lot of the utilities in healthcare starting to hit new lows. we were down early on and now we have rebounded back. why not. after all, it is tuesday.

this is the 19th consecutive tuesday where the markets are up. the market has been up nearly 1% a week this far. it is simply incredible. we are still seeing real signs of resilience. there really is no sign of any deterioration at all. cheryl: if you look at the dow, that is one thing. in regards to the s&p, many trackers track the s&p. that is their true gauge. it was struggling earlier this morning. does that worry you at all? >> no, not at all. at least not for the time being. until you release the deterioration under that level, it really does not pay to get overly concerned.

in either case, the market is still quite resilient. we want to see at least some evidence of breakdown before you get too nervous at this stage of the rally. cheryl: thank you, mark. dennis: the internet wars, apple, google, microsoft looking to get in on the microsoft radio craze. now comes to and which says it is number two behind pandora. we have the ceo with us now. tell us the difference between your service and pandora. if you get in your car today you have two options. you can turn on the radio or you can turn on your cd player.

dennis: you have 70,000 radio stations that i am able to receive on my iphone when i download it. >> we have over 40 million users right now. the number continues to go up from here. dennis: incomes google. they say they are getting into the internet radio space. i think you are hoping to get out by them, rather than crushed by them. >> not at all. dennis: does the radio station see you as a competitor? >> we are more than like an enabler for them. we bring them additional listeners.

dennis: let's talk abbut a twitter like search feature. people can now type in and to search oklahoma radio stations during a crisis. >> yes, absolutely. radio is powerful with things like local events and local news. it is news, talk, sports and lots of local events. in boston a couple months ago, lots of people tuned in to listen to boston radio. they could hear everything that was going on. dennis: okay. you can even hear fox news talk radio on this thing. what gets in the way and destroys your dreams? >> for us, we see this as the last market moving online.

tunein is for radio. i think the biggest thing, within the car, we want to see all of that transition to digital as well. dennis: thank you for being with us. cheryl: coming up a california two-party group suing the irs over that targeting scandal. we'll have details coming up in the west coast minute. ♪

♪ cheryl: it is time for your west coast minute. the navajo is opening their first casino. the whole community hopes the casino will boost the whole economy of the tribe. a volcano in alaska has erupted and is causing problems for airlines. regional passenger and cargo planes are affected. they have canceled dozens of flights. a california two-party group is suing the internal revenue service. several irs employees targeted conservative groups. they are seeking class action status.

they have joint hearings this morning on that controversy. now, it is going to court. dennis: that must have been a real race to the courthouse either lawyers. cheryl: we have had three congressional hearings now over this. now, you have the disaster and oklahoma. where do you think he attention goes. that hearing today, where you hear the irs guy refused to apologize and refuse to acknowledge after he testified last year, nope, ain't going on, you should have came back, but he did not. not even apologizing for that. cheryl: there is a lot more news coming up. not with us, but stay tuned. jamie dimon staying as the chairman and ceo of jp jpmorgan.

microsoft's new xbox revealed. that is five minutes away. do not move. the news continues. ♪

ank you orville and wilbur... ...amelia... neil and buzz: for teachings that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.

how old is t oldest person you've known? we gave ople a sticker and had them show us. we learned a lot ofs have known someone who lived well into their 90s. and that a great thing. but even though we're living longer, one thing that hasn changed much

is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy allf these years. ♪ ♪ lori: a very good afternoon. i am lori rothman. ashley: and i am ashley webster. a diamond really is forever. lori: mr. cook goes to washington, apples chief in the hot seat on capital hill. ashley: lawmakers questioning the man in charge of the irs. lou dobbs on the finger-pointing in washiigton. who really knew what and when.

lori: minutes away from a look at the new xbox. microsoft unveiling its first major revamp and eight years. ashley: the horrific scene and oklahoma. more tornadoes are expected today. >> our prayers are with the people of oklahoma today. we will back up those pairs with deeds for as long as it takes. lori: devastaaing news out of oklahoma. we want to update you on the market. let's head to the new york stock exchange and nicole petallides. nicole: we sell the dow jones industrial average today break through 15,400. it has since pulled back some. however, you still see these up arrows and a record-setting day on wall street.