the decision on fbn. >> the number one thing to watch tomorrow, alibaba ipo. it is expected to price at any moment. hasn't yet. poised to become possibly the biggest ipo in history. when it happens fox business will be right there. could happen any minute. david: including during the willis hour which is next, gerri. you have tons of breaking news including the alibaba ipo pricing and the scotland vote. gerri: liz and dave, that's right, we're covering it all. lots of big stories. hello, everybody, i'm gerri willis. tonight we're covering two big stories. one the launch of may be the biggest ipo ever, the chinese e-commerce giant alibaba going public on the new york city tomorrow. tonight we learn the pricing of those shares. should you think about investing. and two, the vote for independence for scotland tonight where polls are just now closing and that is where we start. fox business's ashley webster is in edinburgh with the latest. ashley? >> yeah, hey, gerri. you just said it, the polls have

literally just closed. they have been open since 7:00 a.m. this morning. now the really hard part begins, counting all of those votes where voter turnout has been right around, estimates between 90 and 95%. can you imagine, 95% turnout in the united states? so, hard part begins. we are expecting final results sometime between 6:30 and 7:30 in the morning to tomorrow. so results will start trickling in. i can tell you some of the pubs here in the capital city will be open through the night which should prove interesting. they say they will stop serving alcohol at 3:00. but many people, gathering around the television sets to see what the outcome of the historic vote will be. the vote included very first time, 16 and 17-year-olds who were able to vote, mainly because they're the ones who is futures will be most affected. they were given a chance for their say. pretty close vote. very much split down the middle. very latest poll before voting

began, perhaps showing no vote pulling away a little bit but who believes in polls. we'll find out for sure, gerri, sometime tomorrow morning. gerri: ashly, thanks for that. let me ask you a quick question though before you go. >> yeah? gerri: what happens, if it's a yes vote, what are the dominoes that fall? >> well, that's a good question. if there is the yes vote and if it is, the wins the vote, scottish independence day has been set for march 24th, 2016. which essentially gives scotland 18 months to try to get everything in order, a very tall order i may add but they would immediately begin negotiations with westminster. they would also have to form a scottish constitution and of course dissolve the active union signed all the way back in 1707, more than 300 years ago. so overall, a lot of work to be done if the yes vote comes out on top. even if it's a no vote, though, gerri, things will change. more power will be given to the

scottish parliament as promised by the leaders in westminster, including more power over taxation, benefits, welfare and so on. so regardless of the results, the general bottom line is, that the scottish parliament and scottish people will have more say. there are those that would of course love to have scotland with its own country, out from the united kingdom and have its own destiny in its own hand. gerri, back to you. gerri: ashley, thanks for that in beautiful edinburgh. now the hard part begins. now if the scottish voters choose independence what does it mean not only for scotland's economy but the global economy? with more we have "the wall street journal" in london. simon, thanks for being with us. what is the economic impact for scotland if this vote goes through? >> well, that's been one of the big questions of the referendum campaign and the answer is, to be honest no one really knows. it is pretty, i mean, it will be a huge amount of uncertainty. markets hate uncertainty.

the biggest uncertainty will be what currency scotland is going to use and, you know the scottish government said they want a currency, eurozone style currency with the u.k. the u.k. government said that is out of the question. so it is quite possible if there is a no vote, unless the two governments can stablize the situation very quickly you can see, probably see a quite a lot of panic in the markets. in the short side at least i think it will be a pretty difficult time for the u.k. and for scotland. gerri: you know, simon, i've read that 95% of the tax dollars are dispersed by westminster. london send them throughout the u.k. there is not a local taxing entity with say power of what you see in the u.s. dan scotto land stand on its own? >> you know, i don't think in the long term i don't think anyone seriously disputed that. scotland is dynamic, diverse economist. it is actually, scotland is

actually richer than most of the u.k., other than london and out east of the u.k. no doubt in the long term, the question how you get from a to b. there will be this uncertainty and i so the question is how would that, those negotiations progress. i don't think anything like this has been tried before, certainly not in an economy as large and complex as the u.k. so there was going to be, it, it is that transition that will be very difficult. i think that, if it does, if it's a yes vote tomorrow, then, politicians on both side will have to move very quickly to trn because the one thing that both sides didn't want to discuss during the campaign is what the plan would be. so there is, that is what the market would want to hear. gerri: we've been discussing all day what the impacts might be. rupert murdoch, our boss, had

something to say about this. fascinating comment. i want you to respond. >> i think it goes beyond scotland. there's a great sort of anti-establishment groundswell. if you take the united states, and go across the middle america, what do they think of washington? and wall street for that matter? people are looking for change. gerri: simon, do you agree with that? are people really looking for change? >> i think that's right. i think you're seeing this all over europe. within the u.k., there have been postings several weeks on the scottish national party but in england, the u.k. independence party is a very big force. the france the party currently heading the polls. you saw anti-establishment party do very well in sweden this week. all across europe you're seeing this, all across the world. i think it is, it's a reaction to globalization, feeling that

people don't have, people don't feel empowered. they feel that the powers has slipped away to companies, to multilateral organizations, to the e.u. or, whatever. there is reaction to that. gerri: but of course, wouldn't scotland be looking for e.u. membership on their own almost right away? >> yes. that has been one of the issues during the campaign. i think you have to see the scottish independence very much within the european context. i think that is essential to understanding the way that the scottish nationals position this the e.u. provide a context of economic, of open markets and sort of stability for scotland. and i think, i think that is part of what makes this actually much more than just a british moment. it is a european moment because that same european context is also fueling separatist it is movements in lots of other

countries too. and also by allowing this vote to go ahead, the u.k.'s encouraged precedence which will increase pressure on other countries now to allow similar referendums. catalonia wants to have one in november. this is a start. this is a start and it is going to be, hard to, hard to stop this, i think this, you're going to see more, more of these bid for greater autonomy and greater independence around europe. >> simon, thank you for your reporting. >> thank you. >> we just showed you some of the neil can view toes's interview with rupert murdoch. -- cavuto. tune in tonight to "cavuto" right here tonight on fox business. coming up later this hour, i will be joined get this, whistle pig. look at that. he will tell us how the vote in scotland could impact his business. you could pay more for whiskey.

a lot more to come this hour including your voice. your voice is important to us. that's why during the show we want you to facebook me other tweet me @gerriwillisfbn. also email at the website, gerriwillis.com. at the bottom of the hour i will read your tweets and e-mails. today it is other stop story. what could be the biggest ipo to ever hit wall street, alibaba's pricing. we'll have the latest and whether you should be investing. man when i got shingles it was something awful.

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gerri: we're waiting for what could be the biggest ipo in history to price its shares tonight. alibaba is expected to debut on the nyse tomorrow but what exactly is this foreign company and why should you care? fox business's very own jo ling kent is here with the details. jo. >> hey, gerri. it is one of the most important companies in china and thus one of the most important companies in the world and we've been learning a lot about it. i've been covering it for years. here is what you need to know. it is slated to be one of the largest public offerings in history.

alibaba's business is staggering. and investor demand has been high. its popular shopping platforms dominate 80% of the chinese e-commerce market. the 15-year-old company was founded by jack ma, a former teacher, it now sells 25% more stuff than amazon and ebay combined. tabao with marketplace similar to ebay. on t-mall, consumers buy directly from major international brands like versace and disney. its pay plan operates similar to paypal. they use more than three times the entire population of germany and founder jack ma has plans for expansion in the u.s. and europe but there are risk factors. alibaba is a chinese company registered in the cayman islands so it plays by different rules and its future is contingent on the chinese government allowing it to operate. the internet is highly regulated in china and some analysts believe alibaba's ownership

structure does not adequately protect public investors. gerri, we have breaking news as we were telling you about alibaba we have a price. the shares are priced at $68 a share. that is the stop of the rancoredding to dow jones and it will open on the new york stock exchange under the symbol baba. they have raised $21.8 billion. the company is now valued at $168 billion. an astounding amount, gerri. gerri: jo ling, it is interesting. it is astounding. it is very big. we'll bring in our panel of experts. don't go anywhere, jo. jonathan hoenig is founder of capitalist pig hedge fund. kyle herrington is the founder of herrington capital management. welcome to you all. this is great timing for us. it prices at $68. i want to know your reaction. jonathan, you first? >> it's a very rich valuation for a big company, gerri but at least one here in the united states is not very well-known. 80% of u.s. investors have no

knowledge of alibaba and as jo talked about this is company with very suspect corporate structure. although the price something very rich. i have to wonder if at love american investors might want to stay away at least at first. gerri: the corporate structure, you're not buying shares of the company. you're buying shares of a cayman island holding company. very confusing for investors. jo ling, tell us why that is. why are people not getting the traditional shares? >> well you can't really buy shares of a chinese company under china news law. that is why alibaba was listed in the cayman islands. there are other rules there in the cayman island that also apply to alibaba not the same rules as here. their governing structure. notification to shareholders of any executive changes. there is a lot to consider as we look at alibaba but, if you look on the brighter side of what a lot of investors are more interested in, especially this high demand we've seen on the global road show, you see they dominate the e-commerce market.

as we said more than 80% global mid-volume is just massive. there are lots of pros and cons here. in fact i will interview founder and executive chairman jack ma tomorrow morning on fox business and i will put forth tough questions. gerri: we'll look forward to that. that will be great, jo. i want to get kyle in hire for second. alibaba sales bigger than amazon and ebay combined. have you been telling your clients to go buy this thing? >> that depends on people's risk tolerance. they need to examine their own risk tolerance before entering nye stock, one. in this ipo market and as your guests outlined and agree with this is much different regulatory environment. this company being chinese and in the cayman island. in addition, i believe that the majority of these shares being offered are going to go to 25 to 30 big institutional investors. so the retail community i don't

think will be participating as much as a regular ipo. but let me note this one thing i think is important to add is that this is a company that generated in the last quarter $2 billion in net income. so this isn't a startup. this isn't a company that oh, well, we'll be profitable. if this with 170 billion-dollar market cap if prices at outlined, this is the next largest company to johnson & johnson on the new york city. gerri: wow that is amazing. i want to bring in david asman. he joins us tonight. he knows a thing or two about offshore companies. he has a lot of experience covering these things. what do you make of this pricing at $68 a share and what are americans to make of company. >> first on the pricing. anthony scaramucci was on our network yesterday suggesting it would quickly go above 70. some people say there is so much demand for this thing particularly in asian markets that it could go up to 80 or more next week.

the pricing seems about right considering the demand which is extraordinary. i have never seen demand for a stock as heavy. on the other hand you have a company essentially, not controlled by the communist government of china but there is a lot of control. and they have been very up front about that in the prospectus they put out. i'm quoting from the prospectus. prc, people's republic of china differs from economies ofmost developed countries including the extent of government involvement. part of that involvement means they have an 86% market share of all internet sales traffic. 86%. no company in america would be allowed that. that would be called a monopoly here in the united states. in china it is called, just part of doing business. because they have protection from the chinese government. the scales are not equal. that led to lot of people to wonder what happens with alibaba tries to get in our market? at love u.s. companies will say, hey, you can't come into our

market because we're not allowed to go into your market. there is not a tit-for-tat situation if income alibaba plays by our rules and our companies are forced to play by chinese government rules over there. gerri: just to repeat the news. alibaba is out. priced at $68 a share. that is high-end of the range. i want to go to jonathan for just a second here. big debate over how hot is this ipo. of david you heard say, very, very hot. ed butowsky earlier today on "varney"'s show dade, three times oversubscribed. which means they have three types more order for shares than they have shares. a hot ipo he said would have five to 10 times more oversubscribed. is this red hot or are we just hearing the marketing of wall street here pushing this stock? what do you say? >> i certainly, gerri, don't see the type of investor interest we saw with facebook for example which was a very well-known consumer brand.

to be honest i'm surprised at the level of interest for alibaba. more specifically because emerging markets of which china is still one have been largely underperforming the u.s. in particular chinese ipos have not done well a at all over the last year. i'm surprised there is interest in a chinese ipo which has not been hot in u.s. markets despite all-time highs. gerri: i want to get back to jo ling for a second. she will have a very big interview with jack ma, the founder of the company. tell us more about him. originally. we see pictures of him now, looks like leading a parade or concert. when you see pictures of him he is always in front of a big audience. tell him us about him and who is. >> he started company with back in interest in internet in city quite famous in china just outside of shanghai. this is an individual who really didn't come from at love wealth

or anything like that. self-made rags to riches story. he is worth tens of billions of dollars. he is known for being very enthusiastic as you've seen in photos and videos. he likes to rally the troops at alibaba. he is quite involved with their workers according to those who i know who still work there. he is really interesting fellow. always something interesting to say or to add to it. we'll interview him tomorrow morning just after the opening bell, gerri. gerri: that will be exciting. what great timing you have. kyle, i will turn to you. one of the questions i have who will get rich off this ipo, right? that is always what we want to know. somebody will make a lot of money. who is it going to be? >> gentleman just highlighted, jack ma, who you will interview tomorrow certainly will be very rich. i think the founders, the early investors in this company way below this $68 price will be significantly well any. then the jury is out, gerri, as

people enter into this security in the public markets, whether or not this stock does trade up to 80 or $90 a share. so, i think that that time will tell on that front. but certainly the folks that got in before this ipo are going to be very happy. >> i want to talk about some of those lockups, david. and as you know today, the "wall street journal" had a big story about how there are no lockups for many of the people who hold these shares today. and presumably could cash them out. >> right. gerri: normally that is floor underneath which a new stock and ipo that goes public. that is what keeps it from plunging. now insiders will pretty much be able to sell whenever they want to. what will be the impact to that? and what do you see as the trajectory of this stock going forward? >> first of all the impact will be again, as your previous guest said, that a lot of people will get very rich, very quickly. there will be a lot of people that will just turn this over

really fast. "wall street journal" had a big piece yesterday, or maybe the day before about how some of the insiders got preferred shares, $1.7 billion worth of preferred shares were offered back in 2012. jo ling knows more about this than anybody but let me just say there is a lot of mystery exactly who some of those companies. some of them were open but others were hedge fund involved with chinese government. some hedge fund involved in hong kong. they're going to be able to flip these shares almost inimmediately. their $1.7 billion combined stake could turn into 5, $6 billion as early as tomorrow. gerri: wow. >> so there are going to be some people that can turn the preferred shares into cash, common shares, selling as common shares. very quickly. and i really do think that the demand is so strong, that for the next several weeks, if not months and potentially years, if the company does pay off, 300 million person market share is just enormous.

that this does have legs. this stock does have legs. it will not be a quick pop up and fall down the way it was for some other stocks like facebook. gerri: we can certainly talk about what happened to facebook, jonathan hoenig. small investors got burned in that. they wanted to be in on that because they knew that brand. unlike alibaba this is a brand they were very familar with that they loved. those shares came out, very difficult pricing. people didn't even know if they actually managed to buy the shares or not for some time. lots of glitches in the offering. do you see glitches tomorrow happening? this is new york city. -- new york stock exchange. it is not the nasdaq. maybe which won't have problems? >> i don't see technical glitches, gerri, but i could foresee a lot of disappointed investors because just like facebook people are expecting this essentially will be gold but a lot of ipos, especially lately, even high-tech ipos priced only to fall. you don't have to buy a stock the first day to make money in the long term. so my advice, especially for

individual investors would let the dust settle. you don't want to buy on first day. look for a floor before putting money to work in what is sure to be volatile name. gerri: always wait for people to get out and sell the shares and see how the stock stablizes. one of my producers gave me fascinating numbers ipos, chinese ipos and how they perform. they're typically down 1% a year, for the next three years after pricing. u.s. ipos have been up 7%. very different performance. kyle harrington to you, what is the takeaway here from these numbers, these chinese companies, falling 1% a year after pricing? >> well you know, first of all agree with jonathan wholeheartedly. again we got notice that this is going to price on the top of the price range at $68. so there is no rush to get involved and to chase this thing higher. i think the difference between the u.s. markets and a stock like this in the chinese markets gets back to, you know, some regulatory issues and how the

chinese markets work versus capitalist society like america where there more liquidity and more ability to get in and out of stocks. so that hesitation, i think, is cause for concern. and, and these stocks kind of sell off a lot more than your standard american ipo. >> jo ling, i want to talk a little bit about the yahoo! connection. a lot of it has been made of that. yahoo! has been invested in the company. is that a decent way to play this game, alibaba? >> it depend how you look at it. yahoo! has 20 some% stake in alibaba. a lot of analyst this is morning say look, they believe alibaba value is priced into yahoo!'s stock. we may see some drop there after this happens of course. there is a long history but seems that is one way to do it if you're investing in index fund outside of the u.s. softbank, very famous investor there, he owns a big chunk of alibaba as well. gerri: a fascinating company and

market share numbers are off the charts. >> gerri, can i say one thing? i have to chime in with this one fact. it is important to lot of people. the chinese government as we know been involved in trying to get our information various ways. sometimes through companies, sometimes directly through their government. there are some people that are concerned about letting the fox into the hen husband her here in terms of ipo. there are a lot of ad ares here in our stock exchanges but because of that history of the chinese government getting involved and trying to hack into what we have, our own information, there are concerns about that. so we'll see how that plays out as well. there are people in washington worried about that. gerri: that is a fascinating point. jonathan, i want to go to you because in addition to the concerns that david just brought up, which are fascinating there is the an issue about this chinese stock, right? there are people who short chinese stocks because they don't think they're standing up to the staple standard as u.s.

companies -- same standards. investors whose entire strategy to short these stocks. one of them said china is to stock fraud what silicon valley is to technology. it is butchering of the small investor. how do you respond to that? >> well we've seen a tremendous amount of those in recent years, gerri. specifically what are called reverse mergers. illiquid chinese companies essentially merge with american shell companies and all of sudden become public without those safeguards, those regulatory safeguard you talked about. ultimately it is question of buyer beware in free market. there no constitutional requirement to buy any stock. >> right. >> before you plunge money into alibaba or anything where you're not necessarily totally sure bit, individual investors should take the time to dot research and if they're not completely sure bit, don't buy it because short sellers as you pointed out made a lot of money betting against chinese stocks. gerri: jo ling, are we being too suspicious?

are we just too suspicious after company we don't know first-hand? is that the problem here? do we need to get to the program and understand it is a global marketplace out there. >> it's a global marketplace but i don't think there ever a time when you can not be suspicious or not suspicious enough about a company. you know, there is a lot here to digestand this whole conversation illuminates but there are many questions about the company we still don't have answers to, especially that alibaba partnership and amount of control that these major shareholders have into the long term for this stock. you also have to remember the chinese economy, as i think someone mentioned earlier is slowing down in its growth rate. so that definitely impacts how the stock will do because you have a huge burj i don't knowing -- burgeoning on all these different rather calls. if disposable income starts to shrink or grow slower you will see that will be reflected in alibaba's business.

the other flip side is of course it is really exciting company. there is never enough questions you can is before investing. no question about it. gerri: i couldn't agree more. kyle to you, i spent a lot of time looking at ipos over the years and you tend to see one trajectory. they are up when they price at open and then they fall and come back to some level that becomes natural for them. so i'm always especially for small investors. the folks who get rich and happy to see them get rich are insiders, wall street investment bankers who take these companies public, their friend and family but for individual investors, just how hard is it to play this game? >> it is fantastic question, gerriry and one that needs to be noted. i think what happens, and you highlighted this before that you get the individual investor in here but i think you need to be careful in terms of when you get involved if you get involved because i think that the equalibrium of these stock prices and supply and demand levels out once you get a lot of

what we call flippers out of this stock. people that come in and the stock prices at say 68 and it trades up to 71 and they're already gone. you're getting a lot of selling and buying. now in this stock in particular, and i highlight this again, most of these shares, based on my research is going to go to the institutional community, i think there would be less volatility in this ipo than ordinary ipo. gerri: reality you may have to do nothing at all and you will have shares of alibaba in one of your funds. david asman what do you make of this? this is huge company and ultimately all americans may end up owning it whether owe want to or not. >> they may. i've been suspicious on several fronts i outlined in the previous few minutes that we had here. let me say one thing positive about it, particularly about the way it was started and the way it was organized. jack ma is one of those few

characters carry on legacy of steve jobs. he is a steve jobs type of character. he is inventive. he entrepreneur. to be an entrepreneur in a communist country is not ease. you have to deal, a lot of our entrepreneurs complain about regulations. imagine the regulations you have to deal with in china. he worked through those regulations. he created this extraordinary company. it does have this guaranteed locked in market share of 86% of internet traffic. so there is this enormous potential for it not only to pop immediately but to have a long, sustained life. so it is it is not a stock that i would be upset to find in my portfolio because of the fact not all the reasons it has an 86% market share are good. part of it is because the communist government assures it gets rid of all the competition, the fact it has that means there is certain amount of stability to the stock. again i don't think it would be bad to have it in your portfolio. >> just to chime in here.

a lot of early investors here in the u.s., institutional investors out in silicon valley and san francisco, when they talk to their chinese government sources, the people that they talk to gauge the market how their investments may end up doing, there is no, this is huge opportunity for them to showcase something that will work, make people money and less after planned economy. it's a huge opportunity, take it from the sort of the positive spin perspective, there is that angle as well. >> i think that is great information. now i want bring in another guest, pete from mashable. talk about the technology from alibaba and how it matches up with what we have in the states. they will give people a sense of size and market share, and it is huge and impressive, tell us. >> obviously very similar to

ebay and amazon. there has been a lot of comparisons to its size is immense. it is a, little, interested in plans for growth which i believe they have said they have decided to aggressive expand into the united states and, europe and i sort of think i'm kind of wondering how that will work out because in china there is not at love competition. obviously ebay and amazon are not allowed to operate freely in that country. here they will have to go toe-to-toe with those guys. i see alibaba and its product, i'm sure they have done some innovative stuff with customer service like allowing people to return stuff and holding the actual money in escrow. but, when they're here and competing toe-to-toe with ebay and amazon i would make the analogy, you might have heard of a search engine called binge, compare it to -- bing. compared it to google. but i can't see them. gerri: what is interesting, they

are integrated, they have on-line websites and they are delivering the stuff, they have there control in china, will they try that here? >> that would have their work cut out, they could try. i could see them trying to work out some kind of service or oriented commerce platform, they get less about retail and buying of goods and selling of services or mike uber -- like uber but on a larger scale. that might be a better bet for them. >> all right final thoughts from our guests, jonathan hoenig. what do you make of this conversation in alibaba. >> when you are buying an ipo, on first day,aal most like the greater fool theory. this is a great company it will be a great company for long-term. so let the dust settle, see you

how it plays out, then decide. gerri: kyle? >> very interesting conversation, learned a lot myself. i think that this is you know a nice test pilot for a chinese e-commerce company, i am interested to see how it turns out, but buyer beware. i would, everyone has their own tolerant, i could not recommend i would sit ban back and watch. gerri: david? >> i think this stock will take off, as long as it is kept in china with that market, there is no stopping it. but the question is, what happens when ale baba tries to -- alibaba tries to come to united states, all of the hurdles, and concern from u.s. companies who want to do business over there but can't because they are locked out because of the communist

government. gerri: pete? >> i don't know how stock will end up, but in terms of a tech player with a lot of money, trying to come -- compete with everyone else, i am super looking forward to that. it will be a interesting playing feel in coming months and years as alibaba awash with cash throws it around. gerri: maybe advantages consumers, jolene, we mind people of your surpri surprise testimony. >> this is a big test for the chinese government, will they allow alibaba to be a success, it clear that the founder, have a lot of potential and history of success. that is really what the big question is for visitors, we're excited to share we'll interview jack mam himself on new york stock exchange tomorrow after the opening bell, hope you will tune in for that. gerri: thank you so much for that. and the panel great job.

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gerri: a lot of breaking news, since the markets closed. recapping them now, polls in scotland has closed. and the counting has begun, and oracle ceo larry elson steps aside. ellison has served as ceo since he founded ut company in -- the company in 1477, they report first quarter earnings in revenue missing wall street expectations, the big news, world's biggest ever ipo priced shares $68 a share, raising over 21 billion, sky is alibaba 168 billion, tomorrow fox business

all day tomorrow, we'll be tracking the hot ipo and its debut on new york stock exchange. you will see how that stock trades. >> big news thisning, i know you heard this a massive raid in australia, as hundreds of officers arrest 15 people suspected to have ties to isis. plotting to publicly behead random civilians on the street. here with more is former new york stock exchange state homeland security director michael bal bonnie -- your react to the news, shocking, are you surprised? >> no, this is a part of isis global mes message, that i wanto go outdo ran amelie, a case in rochester, new york, he was told to get a weapon, randomlly shoot people and cause terror, that is what they want to do, instill

terror everywhere they can. they don't have to take their trained operatives over seas, they hope their message will inspire people who might be living amongst us as we speak. gerri: people living at the margins or disguneled in some way. >> this is a part of the message, inspired. these folks here, maybe they get their hands on a weapon more learn to make a bomb, now they they do their own thing, ic is claims could look at us, we have a global footprint, we will come at you. gerri: my first thought was, when does it happen here? >> you know we're target. they said we are. they are trying to get us to stop our bombing campaigns in places in the world they care about. yet they do so in a way where they are recruiting folks that have the abum to com ability tok here, if you live in london, you you

don't need a visa to come to united states, that has given security officials a great concern. gerri: how safe are americans tonight? >> since 9/11, we have redoubled all our efforts to get our intelligence programs up, and trained thousands and thousands of security officers and police departments, we have created a pretty integrated security system. but you know, in a democracy, a lonrerbgs wolf is hard to find. only benefit, as we were talking about is their trade craft, to mount these campaigns, not sophisticateed. and hopefully easy to detect. gerri: i hope it stays that way, i fire it will not. >> you know always a thing we have lived in shadow of terrorism, it will continue. >> michael balboni thank you for joining us. >> still to come, our user's

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gerri: pay cash, get a mortgage or use a home equity lean of credit, how should you pay for it? to talk about how you should pay for your vacation houm home is e aubrey, he is host of hgtv power broker, a friend of the show, good to see you.

i think a lot of people have made some money in the stock market. they see the real estate out there, they are thinking maybe i can get that house i will retire to, maybe they don't have all money they need, what are financing options? >> well, i mean, you could go with a loan. stay with where you have been. if you buy into alibaba tomorrow and it goes to a hundred before the close you will buy it in cash. i think if you talk about a doing the lone for a -- loan for a house, you can go to a mortgage. there are rules, they take into account your debt to income ratio that exists between your current resident and property will buy. it cannot go over twrao% o 42% . coupleed with fact put 20% down,

you are not going to do a fha on a 6 house. >> you have to give them the information. and statements from brokerage acounts, but down to the loin itself, things change, a bigger down payment. right, 20% or maybe more. they will give you interest not as good as it would be for a premiepryprimary tell us where . >> this is a matter of risk. you know we went from that pendulum from 2005, where if you could fog up a mirror, they would give you money to now, this is about risk aversion, lenders are worried. if someone is buying a second property it becomes thesey to walk away, and make it a short sale or for forecloseure.

they want you to more skin in the game with a second house. gerri: is it better to pay all cash? >> there are a couple schools of thought, some would say better, back to that financial risk aversion, that puts you in a position of less e exposure. i don't belong doe that group, as cheap as money is, take alone loano, that you will have condition yenss oconsequences ox shelt or that and i think that you could take that cash, put it somewhere like alibaba tomorrow and make a bunch of money. gerri: do you like taking out a second on your primary to finance the new house? >> that is what most people do. they are in an equity position, do a home equity line of credit, they are based on treasury index, and remain historically

low to take some of that equity out and use it in a place where it will grow more money, hopefully real estate, although it waxs and wanes it makes you money overtime. gerri: i was going to ask you, is now a good time to buy a second home. >> i have to be honest with you, if you are in a financial position, it is a great time right now. when you look at the resort communities, i think they have not recovered with what we've seen other residential spaces do, say last spring. right now, if you wait until about december, i think you will go to a resort-type community, maybe not park city utah, but coastal areas, i think you could knock it over the fence. gerri: i love that, okay, all right, great stuff, thank you mike. great to see you. >> always a pleasure. gerri: and next, a decision of

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(agent) i'll walk you guys through every step. there are a lot of buyers for a house like yours. (husband) that's good to know. so ally bank really has no hidden fethat's right. accounts? it's just that i'm worried about you know "hidden things..." ok, why's that?

no hidden fees, from the bank where no branches equals great rates. gerri: a recap of breaking news, world's biggest ipo ever priced shares $68 tonight, it will raise over $21 billion, alibaba now values 168 billion, 3 times size of general motors. alibaba is e-commerce giants powering over 80% of china's e-commerce market, tune in to fox business tonight and tomorrow for continuing coverage of ali pa about' ali ale baba'sf trading, jolene will be interviews alibaba founder jack ma. >> did you know if scotland

leaves the united kingdom you might be saying good-bye to your scotch, why we may pay more for our favorite whiskeys, how is this happening? >> well, it is very simple. scotland is 3 major industries, oil, north sea oil. they have whiskey, they have -- north sea oil is running out, banks will move to london that will leave just whiskey, whiskey is coming under pressure on a global basis from american whiskey companies that compete with better products. all those 3 things, they will lead to price, if scotland has one industry left that is productive, they like socialism, that is part of reason they are thinking of declaring independence, it will leave one cow to milk.

you can only take so much cow out of -- milk out of a cow before it drops dead. gerri: how much might they rise? will i have fewer choices? >> i think that you will not see choices necessarily narrow. bubut it guess to what i said, prices can double, they can triple over a language period of time -- longed it oed period ofa basic economics. the scottish people are becoming attracteed to socialist concept you can get something for nothing, if you have one man standing in scotland, which is whiskey, you will raise the tax out of it. gerri: to be fair, wis see is whiskey is scotland's second biggest expert behind oil and gas. i believe, this will be good for

people like you, because, now all eyes will be on your product? >> i am absolutely 100% in favor of scottish independence, it will be great for american whiskey. we're already picking up ground for the scots, this will be their death nel. gerri: oh, goodness. rage thank you. a pleasure. >> like wise. gerri: scottish whiskey going away? well, coming up tomorrow, we wrap up user's guide to buying a second home with a look overseas, what you need to know about buying property in another country, thank you for joining us for tonight's willis report, dvr the show if you can't catch us live, charles payne picks up coverage of the big story ali aboualibaba he is next, have a t night, we'll see you here tomorrow.

charles: tonight on "making money" we have breaking news for you on alibaba ipo apprised at high end of range, should investor buy this stock? it is a tough one to answer before it trades. but i would not sell everything to buy into this. i have been hearing crazy things on tv, i want to share the parameters that i think investors and traders should consider with alibaba, you can get rich quick? a lot say you can. it is priced $68 ha is high-end, if you are lucky enough to get ipo as trader or investor get all you can. say, first trade is above 80, only

he was a school teacher