Skip to main content

tv   MONEY With Melissa Francis  FOX Business  September 26, 2013 5:00pm-6:01pm EDT

5:00 pm
bottom line. nike stock is moving $74 for the bid. david: a nice bump. liz: nice bump from 70-dollars at closing. david: "money" with melissa francis will take you further. stay with us. melissa: i'm melissa francis and here's what's "money" tonight. will jamie dimon make a deal? new developments on his face-to-face with the attorney general. a colossal settlement happenings over jpmorgan's head to avoid criminal and civil charges. what options does dimon have left? we have every single angle covered. plus, syria's chemical weapons list is being called surprisingly thorough. what does that mean? the u.s. could get stuck with a billion dollar bill to destroy them but is the list even legit? we'll ask a former u.n. weapons inspector. who made money today. he got multiple black eyes this year but can hold his head high after scoring $50 million today,
5:01 pm
a good day. find out to see who it is because even when they say it's not it is always about money. melissa: so we have big business news today leading to what could be a huge blow to jpmorgan ceo jamie dimon going in for rare meeting with attorney general eric holder and other doj officials discussing a possible $11 billion settlement related to his bad mortgage-backed securities. this doesn't even include the more than 900 million bucks the bank will pay for the infamous "london whale" scandal. the hits keep on coming for jpmorgan. here to break it all down, experts on every angle of the story. we have a white-collar attorney. james freeman is with the "wall street journal." our very own charlie gasparino. charlie, i want to start with you because you're always the man in the know. what is it your hearing about this? >> it's a humbling experience for jamie dimon.
5:02 pm
he had to two down to the justice department, middle east and basically kiss the ring ever eric holder today. he had to do it with his general counsel steve cutler. he brought a guy, raj cohen. kind of an interesting guy. was, works with sullivan cromwell. involved in the bear stearns deal which is ironic because bear stearns is one. reasons they're paying for this. remember this is some of legacy stuff, legacy mortgage problems occurred at bear stearns. this is a very humbling experience for jamie dimon. he was prodded by his board essentially to end this. get some sort of a global setment on the mortgage issue. i think that is why he is doing it now and that's why he is paying it up. melissa: it would be worth it if it were all over. >> you're right about that. melissa: in theory it is suppose to include justice, federal housing agencies, new york attorney general, does it feel all encompassing? >> maybe. melissa: that's the problem, maybe. >> right. even if all those groups get into this settlement and some
5:03 pm
enormo deal i question this will be the end of the it. i know that is what the board wants, what he is doing in washington trying to put this all behind him but it is so appalling what the government is doing here, i really doubt they will stop if there is not come kind after pushback. charlie mentioned bear stearns stuff. melissa: let's get seth in real quick. seth, it leaves out of on its face, seems like the u.s. attorney's office. who else do you think is left out that would come back for yet another bite at this apple? >> well, that's the problem and that's why this bank really feels like it is suffering death by a thousand fines here. what they're trying to do is mop up the mortgage mess and try to throw everything related to that in a legal settlement bucket with the justice department. and as you said, they're unable to get this done then what's point? even if they're able to settle the civil-related fraud claims you still potentially have criminal exposure with regard to some of these claims. >> well -- >> i can tell you from dealing with the justice department it is hard to put those two together in settlement. melissa: go he had harks charlie.
5:04 pm
>> we should point out when we talk about mortgage fraud, packaging of allegedly fraudulent mortgages into bonds sold to investors or giving out fraudulent mortgages, that is the federal aspect of this, is going to be contained in this settlement. i believe that will cover both civil and potential criminal cases. but, and it also contains at least, the case brought by new york attorney general eric schneiderman. there could be other cases. this is where it becomes the travesty i believe it is. remember when these cases started. they started, a lot of ite dimod speaking out against dodd-frank. melissa: guess what? right? >> guess what? a marginal trading loss, everybody that watches knows what it is, it was a trading snafu in london where traders maybe hid some of the losses. remember how immaterial that was to the bottom line. they conflated that with a major scandal. so they're conflating this. i'm not saying as a paranoid guy. i talk to people on the street. talk to people in washington. they believe really this is
5:05 pm
payback. melissa: and a witch-hunt. james? >> look what happened here. the government is basically suing jpmorgan for the crime of helping the government during the financial crisis. so a lot of -- >> bailed out bear stearns. >> charlie mentioned bear stearns. also washington mutual, two institutions the government asked jpmorgan to rescue, high-fives all around in washington, when morgan, the only healthy bank because they hadn't made stupid mortgage decisions was able to this. now they're getting sued for things that occurred at these firms before the government made them buy it. >> you got to ask why are they doing this? listen, if you notice, jamie dimon hasn't said boo about dodd-frank during all this. melissa: right. >> he was the leading critic of dodd-frank. he called it, i don't know if i got half of this right. he called some of it monumentally stupid. okay i think i might have got the monumentally. he put some adjective on that or idiotic he called this. i'm telling you this is payback. this is almost, this is what is scary. the federal government, you
5:06 pm
know, pinpointing a firm that is done mostly the right thing because it doesn't like some side comments that the ceo said about the federal government's regulatory structure. that is insane. melissa: seth, charlie makes a great point. there are things that the bank did wrong during the crisis. >> right. melissa: on, if you put it all out there on a scale to me it's a lot, lot smaller than all the things they did right. and now, they're just being taken to the woodshed again and again. who pays in the long run? is it really the fat cat bankers that the public i thinks are the ones being punished. or is it shareholders, that are cops and pension fund teachers? is it customers who end up having to pay higher fees to cover these legal costs, you and me? >> well, that's the whole problem about this, is that even if they provide a settlement and we're talking about potentially $11 billion, at least 7 billion will go into the united states treasury. there will be something that goes to the new york attorney general. not a lot will go into hands of those actually damaged.
5:07 pm
but i think we all agree that this bank needs to stop feeling like washington, d.c.'s punching bag. the problem is, and i can tell you from first-hand experience in negotiating with the justice department, it is like an elephant trying to thread a needle. tough get everything from the civil division and criminal division into the same package. if you don't put this behind you this will just continue to be a problem. so they have to find a way to get the negotiations to mop everything up into the same settlement bucket and finally try to put this hyped them. melissa: right. is that possible, charlie? give you the last word. is it possible to mop this up? jamie would love that. >> maybe on this narrow issue. here's the problem. he run as big bank. i talked to hymn about this. it is hard to manage a big bank. this is sprawling institution. all you have to do is look under any rock over there you will find a problem. that is the problem he faces. when you have a bull's-eye on your head they're focusing on you and that's what they do, they're focusing on him. this may end one thing, likelihood, i don't know what is in eric holder's mind it will
5:08 pm
probably not end everything. melissa: next on "money," both sides in d.c. refuse to budge while a government shutdown nears. we have top economist to crunch numbers what it means for your money and why you should care. plus twitter scoring the ultimate touchdown before its ipo the groundbreaking nfl deal has football fans drooling but what is coming next? stick around. more "money" next. ♪
5:09 pm
thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... dea 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...
5:10 pm
we're making it.
5:11 pm
melissa: now to the latest show in washington. you may think the budget battle is just a lot of noise. far removed from your money, but here's why you're wrong. if the government can't agree on a budget by tuesday it shuts down. that means it loses the authority to make payments like staff salaries and rent. just a few weeks later we hit the debt ceiling. meaning we lose our ability to pay our bills. so we're just deadbeats. every single kay or week -- day or week that goes by the deadline takes them out of the economy. with the numbers, nariman
5:12 pm
behravesh, ihs chief economist. thanks for coming on the show. >> thank you. melissa: what does it mean for the economy in your opinion? >> let's take each of those one by one. melissa: yes, please. >> the shutdown and separately the debt ceiling. the shutdown in a sense is smaller problem or at least potentially in the sense that the numbers we crunched that suggest for every week that the government is shut down, growth in the fourth quarter is cut, is reduced by .2 of a percent. just to give some specific examples. we currently think fourth quarter growth, 2.2%. so got a one-week shutdown, goes down to 2%. two week-shut down, goes down to 1.% on and on. so it has a real impact in terms of growth. melissa: although, i mean the only problem with that is, these are the guys who make the rules. so i feel like they always say things will come to a grinding halt and we'll not pay any bills and you know, woe is me and people will be out in the streets. then they say, well, it is only, the unnecessary services that
5:13 pm
are the ones we're shutting down which i don't know that we have them in the first place if they're non-essential. they make the rules what they keep open and what they close. is it as dramatic as they say its and can't they decide what to pay or not to pay? >> that is a good question because in a sense they already have. the something like the air traffic controllers they won't be cut. emergency management, floods in colorado, that won't be cut. they have already made at love those decisions. what we're looking at is basically one-third of the, of the federal workforce, about 800,000 people, that are going to be furloughed basically for as long as the government is shut down. that is really what we're talking about. so in a sense they made some of those decisions but still, the longer this goes on, the bigger the economic impact. there is no debate about that. melissa: well, i mean if you go back and look at history, because that is the only way we can guide what these things, what will really happen, last time we did this was 17 years
5:14 pm
ago. the economy was growing at 3.5 percent, which looks envious right now. it dropped down to 2.9%. shutdown, went to even 2.6. it rebounded the minute the government reopened up to 7.2%. rebounded. blew itself out of the gate as soon as they turned things back on. could this end up being stimulus based on history and what actually happened last time? >> well there were other things going on then in '96. the episode that you referred to. so it is a little hard to do the parallels but you are right, that we will see a bounce-back. a lot of this will be temporary. people put off a decision to buy a car, or to, you know, to go to the mall to buy clothing. once the government reopens it will get their job back. melissa: go to the mall and buy something because the government has shut down? >> most sensible people, let's put it that way would probably wait to make those expenditures.
5:15 pm
but for example, if you know or have a sense you're not going to have a paycheck for a couple of weeks you probably won't go to a restaurant. you probably won't, do some discretionary spending that you otherwise might do. eventually you will come back and do it but initially you won't. melissa: i don't know. it's a small fraction of people and think it would be delayed purchase. also, i mean there is the larger notion of, if you stand up to slow down the growth of spending now, isn't that better for the economy in the long run? that government spending and government borrowing crowds out private spending and private borrowing? so to stand up now you might take a small hit in order to make the economy grow more later? your thoughts on that? >> i don't think there is any disagreement about the goal of getting government spending under control. the question is, this is a pretty bad way of doing it. the pretty irresponsible way of doing it. why not, as you were saying earlierer, why not make expensable decisions where to cut, how to cut. this seems a little crazy to do
5:16 pm
it this way. melissa: you know the government loves crazy. makes perfect sense to me. nariman behravesh, thanks for coming on, we appreciate. >> thank you. melissa: from the u.s. to every corner of the globe money has been on the fly around the world. first to japan, nine auto parts companies based there are being find for the u.s. government. they allegedly fixed prices for more than 30 car products sold to u.s. auto manufacturers. the justice department says 25 million cars were affected by it. the japanese companies will pay a total of $740 million in fines. on to cuba, its government announced new rules to help develop cuba's private economy. it gave a green light to 18 types of private professions including homebuilders, real estate agents, auto shop workers. took them how long to realize communism wasn't working. flying to madrid, spain, talk about lost and found? this is unbelievable! a 2 million-dollar check was discovered on board one of the city's subway cars.
5:17 pm
it was found inside of a wallet that was stuffed between two of the car's doors. the wallet and the check, belonged to a 49-year-old man from california. police are trying to track that man down. can you imagine that? he lost his wallet with a 2 million dollars check inside? how is that possible? >>? next on "money," a one-two punch. government shutdown looked more likely today. you may start to feel the pain as early as tuesday. we have a top economist will lay out the damage. we just did that. many companies will not go to place like iraq and egypt. fat burger is jumping head first into some of the world's most dangerous spots and its ceo joins us to explain why it is actually a money making move. do you ever have too much money? [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors who think like you do. face time and think time make a difference.
5:18 pm
at edward jones, it's how we make sense of investing. but it doesn't usually work that way with health care. with unitedhealthcare, i get information on quality rated doctors, treatment options and cost estimates, so we can ke better health decisions. that's health in numbers. unitedhealthcare. maestro of project management. baron of the build-out. you need a permit... to be this awesome.
5:19 pm
and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. (aaron) purrrft. (vo) meee-ow, business pro. meee-ow. go national. go like a pro. you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪
5:20 pm
5:21 pm
melissa: we have breaking news on jcpenney. let's go to jo ling kent with all the details. >> melissa, that's right. jcpenney announced today that it commence ad underwritten public offering of 84 million shares of its common stock. the company says it plans to use the net proceeds from this offering for general corporate purposes. they're going to grant underwriters 30 days of an option to purchase an additional 12.6 million shares of common stock. of course that common stock is listed on the nyse under jcp. earlier today there were developments on jcpenney, a story we've been covering a for a couple of days. as of september 20th, the comptroller, mark sweeney, has left the company and there will be interim replacing him. actually it was effective september 20th. that individual is dennis p.
5:22 pm
miller. he will fill the role in interim. lots of jcpenney news as we continue to follow what happens. melissa: they're desperate for cash. surprised the stock wasn't hit harder. jo, thank you so much. >> sure. melissa: getting ready to enter the twitter dome. see the effects tonight on thursday night football when the social media site files ingame highlights to users. figuring how much this impacts the impending ipo and what other moves twitter has up its sleeve. to break it down, the tweet like they are, money marketing guru, bruce turkel, and media maven, dennis kneale. thanks for being here. dennis, start with you. how big of a deal is this? >> big deal for twitter. just as they file for sign on a deal with the biggest blockbuster sports league for all of television. already they sold $10 million of ads together, nfl and twitter. also it is the big for the nfl. all of sudden, nfl replace. direct tv has big nfl package,
5:23 pm
37 million homes and 300 twitter users around the word. get as cut of ad sales and promoting its own stuff with replays. melissa: bruce, this revolutionary. this is a man who knows all about the advertising dollars. 10 million to start. this seems like opens the door to a bunch of different things. >> absolutely you heard the word already, 700 million users. 700 million sets of eyeballs and they have all the option to watch what the nfl wants to put out there. it is what twitter is doing to demonstrate, yes, in fact they can create revenue and this ipo will be a blockbuster. melissa: dennis, this is the question, they announce this before the ipo to get more people excited i guess. wouldn't it be better to announce it afterwards? facebook, does ipo. goes down. crashs. >> you want demand beforehand. you want highest price at open, and price the thing and get es most cash to use it. they have 580 million annual
5:24 pm
revenue. it will be a billion dollars forecasters say next year so they're on that way. facebook much bigger company and for more profitable when it went public and it went down because it priced so high. melissa: bruce, this, people were saying as early as yesterday, does twitter loose cool factor when you go public? i don't know, when you add the nfl it seems pretty cool? they picked this one because this is sexy. i think they will do three. this is the first blockbuster. gets our tanks and gets on news. everybody loves football. next one i think they will figure out a way to monetize crm. crm, consumer relationship management, defacto source becomes twitter. >> what does that mean for the average person out there that doesn't understand? >> how you stay in touch with your customers. how you understand when your customers are happy about something you've done or more importantly, how you know when your customers are complain about you, how you know where they are, what you care about
5:25 pm
and how they respond. melissa: are they better than facebook? >> it is not a mater of being better. it is what a consumer decided to use. twitter is real-time. facebook is not. melissa: a great point. >> you say i just went to this restaurant i got great service or i went to this airline, boy, did they treat me bad. melissa: we have somebody coming up in the show that made a whole business on that. >> facebook started with laptop and twitter was conceived with 140-character limit conceived with the mobile phone in mind. twitter has done deals with college bowl game football, march madness college hoops previously done. the nfl deal is the new biggie. i have want to see the new add form. tonight on nfl network will see new ads. it will be verizon ad of three or five seconds long and 30-second of nfl replay. you can't put out a 30 second ad to play a 30 second video. idea of a two or five second spot. i want to see how that weighs.
5:26 pm
melissa: bruce, what do you think about that? that sounds fascinateing. >> you wait for a big play, quarterback, throws, a many box oh, they dropped the ball. verizon can't help you with dropping balls but we can keep you from dropping calls. message made. melissa: wow. >> hire that man. melissa: bruce you are a -- >> i got al move them. melissa: great as always, bruce. dennis, nyse, nasdaq? >> no way they dare go on nasdaq when nasdaq screwed up. people will yell at them. melissa: nasdaq used to be the home of tech. and here is big -- all right. you guys are fantastic! thanks to both of you. >> thank you, melissa. bye-bye, dennis. melissa: doing business in world's most volatile countries, many companies run scared. fat burger franchise is expanding everywhere from egypt to iraq? its ceo is here to tell us why. "piles of money" coming up. ♪
5:27 pm
5:28 pm
[ male announcer ] now, taking care of things at home is just a tap away. ♪ introducing at&t digital life... ♪ ...personalized home security and automation... [ lock clicks ] ...that lets you be cloto home. that's so cool. [ male announcer ] get $100 in instant savings when you order digital life smart security. limited availability in select markets. ♪ limited availability in select markets. help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger.
5:29 pm
5:30 pm
melissa: no matter what time it is to my "money" is always on the move. another rally after hours reporting strong earnings for its fiscal first quarter. basketball and soccer units performed particularly well in the saw strong growth and sales to my especially in western europe. clearly making good use of its i am all about making "money," but everything to my taking the plunge. on the way to the mall in kenya. on the day of the shooting. staffing allocation. the company is rapidly expanding elsewhere opening franchises to steps away from violent protests. here to make us understand why it is worth the money, ceo. welcome back to the show. i'm so glad that you came back.
5:31 pm
this is an incredible story. it is not like you said it to my want to expand to nairobi. you have someone come to you and say, i want to open -- open a franchise. >> most of our franchisees' have come to us and asked to get into those territories. in this particular market we had a franchisee who made a deal to develop kenya. he was on his way to the mall and get called away. melissa: literally on the way to the mall. >> i have friends and then that got shot. terrible. i turned around. i missed the whole thing by five minutes. melissa: and this is not the first time we have had this conversation. last time it was a stumble. there were protests. also in egypt. >> right next to the square.
5:32 pm
and these are high-profile locations. so that is where the protests usually happen. people still need to eat. the retail, everyone wants an lows american brands. for sure in all of these markets. melissa: it's interesting that you would say that. we take away is that they hate americans in these places. if you look at the reason why there are these protests and everything that is going on, it seems like they hate america. why do you have local saying, i want to open a symbol of america . melissa: food transcends politics, not religion. they want american brands. everyone loves burgers, shakes, and fries. there are some products to travel well. some things don't. everyone loves american brands for food. and they're really not getting caught up in the political issues.
5:33 pm
another president, not about america. melissa: it was a government that was becoming to western and want to go back to being more traditional. so that really makes it seem like they're looking to be more traditional, yet the one cheese burgers and french fries. you have a lot of experience. what kind of advice, how did you do it business differently? of hot spot verses van nuys, california. >> like you said. these markets will open up earlier this year. the american government works with the foreign governments to help promote u.s. business. it is mostly local employees in franchise partners that are based there. they already know the lay of the
5:34 pm
land. you want to make sure employees are safe. melissa: thank you for coming on. it is always fascinating. what a great topic. it all right. speaking of dangerous places, on the radar. an agreement has been reached between the u.s. and russia. the question remained over whether or not we will be contributing to the billion dollar cost of disarming. and the regime put out what is being called a surprisingly thorough list of its poison gas production and storage sites. but should we ban contrasting it? holding up a meeting tonight unserious draft resolution. the former deputy head of u.n. weapons inspection team. welcome to the shell. want to point you to one of the comments that was up from western officials and the list was originally turned in. describing a surprisingly thorough. what does that mean?
5:35 pm
>> well, we depend upon syria to tell us. it is not that surprising because the backers are russia. they were pushing for this agreement. he is not going to go forward with this agreement and then have him try to pull a fast one on him. melissa: and we know what is and is not the rule? not too long ago he would not even admit to have them. now of a sudden he hands over a list revealing 45 chemical weapons sites. who do we have saying that is how many there are? >> bill is interesting. in geneva they came to an agreement on what their mutual assessments were. both of their intelligence community's came to a general assessment. syria has said these things for decades. it was there a cheaper alternative to nuclear weapons program. trying to offset the advantage.
5:36 pm
so it is not all that surprising that they came through quit the fairly realistic set of numbers. what lies ahead is much more challenging. inspectors have to get on the ground, have the authority. verify if the statements are accurate. that will be more challenging because of the ongoing civil war i think the volatility that syria represented to you -- two weeks ago has dampened. melissa: you were a leader of the survey group. how'd you know that this list -- is it 90 percent of what is there? just because the list to the site is everything still where it was before? county you trust this document? >> bear in mind, a couple of differences. one is we had already blown the place up. so just going to various --
5:37 pm
these things were scattered all over the place. killing into account the weapons and munitions will be easier. but the inspectors did a pretty good idea from talking to people, documents, looking to see if things have been moved, a lot of intelligence that can be to look. see if they move things and make sense with respect to their decorations. finally the thing is, lurking in the background is the threat of a military strike. you know, president obama made clear that he was thinking of doing that before. melissa: there is lot of debate about how serious he looked. you hear people saying that this indicates how serious he is about complying. ninety-nine know if you can trust that. does it really indicate how serious he is, received just
5:38 pm
checking everyone again? he used chemical weapons on his own people. >> i understand all of that. but there is a broader perspective. he is just trying to survive. if you want to retain some sort of international legitimacy you had better come clean. we will take care of the going forward. the other thing i would point out, if we did conduct a military strike would have less confidence. going at it with inspectors. a little bit more reliable than blowing the stuff out. melissa: how big of a job is it to remove it? >> that is a big task. most of the one not be destroyed but removed. if they get it to the coast they can put it on ships that is what he said.
5:39 pm
we did it for $10 million. melissa: 10 million? >> that's correct. melissa: great insight from a man who has actually been there. thank you. next, do you know how many of america's most successful business owners are self made? stunning results revealed a new study. the difference in achieving success between generations could not be bigger. all-star panel ready to explain why in today's "money" talk. the end of the day it is all about "money." ♪ ings accounts? no hidden fees. it's just that i'm worried about you know "hidden things." ok, why's that? well uhhh... hey daddy, what's your job? daddy's a uhh florist. are you really a florist? dad, why are there shovels in the trunk? there's no shovels in my trunk. i see shovels... you don't see no shovels. just am. well, it's true. at ally there are no hidden fees.
5:40 pm
not one. that's nice. no hidden fees, no worries. ally bank. your money needs an ally. ...amelia... neil and buzz: for teaching us 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. nice car. sure is. make a deal with me, kid, and you can have the car and everything that goes along with it. [ thunder crashes, tires squeal ] ♪ ♪ so, what do you say?
5:41 pm
but i think i got this. ♪ [ male announcer ] the all-new cla. starting at $29,900.
5:42 pm
♪ melissa: breaking news. negotiations. let's go to jo ling kent with the details. >> reporter: that's right. there was a meeting of six world powers. the tone was extremely good, and
5:43 pm
the air planning to meet in geneva. talks were aimed at jump starting efforts to resolve the standoff over the nuclear powers. melissa: thank you. the u.s. is known for his entrepreneurial spirit, but now it is a proven money maker. a new study shows that nearly 80 percent of the wealthiest business owners in america are self-made. a business boom. should you shirt off working for the man and go into business for yourself? what exactly does it take? founder and ceo, our very own legally go hand wealth next co-founder and president. welcome to all of you. that may start with you. this study. the look of people who had $3 million in investable assets are more and found the 78 were sent to them had found it or co-founded a business. that made them wealthy.
5:44 pm
it means if it takes so much courage. you have an idea, go for it. but most of them made it that way, by being brave. >> exactly right. so many people are conformists by nature. you're put in this little box, but the younger generation, these are the wealthiest them : i want freedom. i want flexibility. silicon valley was founded, and that is where business casual a rose. i am wearing jeans and t-shirts, and i am back zillionaire today. melissa: your whole company looks at, gathers data and information about wealthy individuals. is it a change in thinking? you went to work for company and built up and became the ceo? now you want to do your own
5:45 pm
thing, go public. and it is working. >> the interesting thing, we focus on a net worth of 30 million up. melissa: the real money, i got it. melissa: we came out with our report. we said about the same exact percentages. it applies both to what up with call the high net worth market and the ultra high net worth market. >> cents right. i would definitely contrast. one would call the industrialist. bill the company. versus the venture capital community. we had people that built companies, people with five years. that kind of accelerated growth.
5:46 pm
melissa: what does this teach us for people up there in the audience who are thinking, i, too, want to be ultra rich. you look it felt like the founder of tumbler, dropped out of school, and schools, did not go to college. $200 million. who pursued a different path. you would think that i would think of those people as being one in a zillion. if you would get this, it seems to be evidence that in order to be super wealthy you almost have to go out. >> the ones who are successful. i think you have to take that with a slight paunch of salt. that certainly is the case that
5:47 pm
it is possible because of technology in the increasing speed, the pace that the world moves to build companies faster than ever before fifth. you can build much bigger companies in a much shorter amount of time, but that does not necessarily mean that it is easier. melissa: it is interesting to look of the psychology and personality. they also seem like people who are unable to be part of a group who resent authority. probably troublemakers in school. nonconformists. it seems like it speaks to what these people like when you're with them and that those trades are not rewarded in school, not rewarded in the corporate structure can make you. >> arrest take care. that is inherent of our risk taker. know what the rules are, but i will not confine myself. i will go much beyond it.
5:48 pm
melissa: go ahead. >> one of the big changes is if you do go back 30 years it is hard for a 20 year-old to go start a company. the cost would have been extremely high, maybe in the millions. most people starting companies work their way up, build up savings, and relationships and contracts before there were even able to start or as another cost of starting a company, especially in technology is a great deal lower. a lot more investors. much more opportunity. melissa: we're out of time. you guys a great. the you come back? grab a hamburger on your way out. next on "money," what do male millionaires one and a woman? it is not money and you will be shocked to hear this. we have it all in "spare change." you can never have too much "money" 40 much fat burger. need to get one. sydney one. ♪
5:49 pm
with fidelity's options platrm, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. ♪ [ male announcer ] 1.21 gigawatts. today, that's easy. ge is revolutioning power. supercharging turbines with advanced hardware and innovative software. using data predictively to help power entire cities. so the turbines of today... will power us all... into the future.
5:50 pm
5:51 pm
5:52 pm
♪ melissa: it is time for all of fun with "spare change." to the rear joined to favorites. so have you ever wondered what it takes to date and mail millionaire? according to a new survey not very much. nearly 80 percent actually seek out non wealthy women when it comes to dating. on the flip side, 85 percent of female millionaire's want man with the equivalent wells. get this, the service's most million and and don't even care about a prenuptial agreement. do you buy all of this? what does it mean to you?
5:53 pm
>> frankly, i would think that millionaire guys would want women that already have money so they did not have to worry about prenuptial. i have been with women that were rich when i was poor and poor women when i was rich. so it does seem to fit with me. i don't understand why a multimillionaire -- melissa: i have my theory. what is yours? >> i don't think it is right, but i think it is about power and control and perceptions that a lot of men need feed into as they grow up in a society. melissa: they want more power by giving women the make them feel more powerful. melissa: or they control their spouse by being the one who has the money. >> you do have more financial power which comes from a lot of socialize standards. melissa: a lot of people on twitter, very excited. they agree with you. i think it is more like men think that money is something they bring to the table.
5:54 pm
it is one of the assets and air out there looking for a make it is on the list of things. it is like being a good cook for having great legs. this is one of the things. melissa: -- >> there is so much history. melissa: they don't care. this is one of the things that i used to attract a better spouse and that does not mean wealthy. for women with money it is funny. they are very careful. he has to have. melissa: really. >> no money at all. melissa: i you a great cook or have great legs? >> i guess. i could not boil water. what do you think about the women's side of the equation? >> is absolutely what i have seen among women who are of power or wealth. so it is not surprising. it is interesting that women typically are cast as the motherly typeset want to take care of someone.
5:55 pm
in other types of relationships. if that does not bode here. that says something about women up our maybe tend to be more feminist and have more equal minded. >> i am the contrarian here. melissa: i learned a lot about you in this segment. up next, who made money today. we will have the answer right after this. you can never have too much "money." ♪ [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ woman ] if you have the nerve to believe that cookie cutters should be for cookies, not your investment strategy. if y believe in the sheer brilliance of a simple explanation. [ male announcer ] join the nearly 7 million investors who think like you do: face time and think time make a difference.
5:56 pm
join us. [ male announcer ] at edward jones, it's how we make sense of investing. [ male announcer ] at edward jones, at od, whatever business you're in, that's the business we're in with premium service like one of the best on-time delivery records and a low claims ratio, we do whatever it takes to make your business our business. od. helping the world keep promises.
5:57 pm
5:58 pm
>> here is who made money today. bill acted s well as he would be that owns air products and chemicals had ended disaster eight --
5:59 pm
disastrously last month but was pushed out today and it sent the stock rally more than 2% after pushy in towards 20.5 million shares that he made more than $50 million today. meanwhile everyone that owns hertz has slashed the financial outlook for the year saying it is much weaker than expected the stock is changing 16% and lovers of the new york giants the new drinking which has the best resale value? the giants goes a $292? will you pay that much? that is all we have. i hope you made money today. tomorrow is a franchise friday she finally found a
6:00 pm
perfect place in one step closer to her dream you're watching it happen in realtime. i will be here. the willis report is next. gerri: hello everybody. i am jerry willis. tonight on the with this report. consumers dig deeper to pay for obamacare. we dig deeper into sticker shock with out-of-pocket and copiague cost. a new report on the s.a.t. scores how prepared our kids are for college? negotiate a better salary. it is easier then rethink. we are watching out for you tonight. the was report.

106 Views

info Stream Only

Uploaded by TV Archive on