fallout from the irs scandal. why protestors are gathering outside irs offices. in today's cover story.....wall street braces for a major vote...as shareholders decide the fate of jamie dimon. yahoo bets big on blogging. will a risky move payoff for investors. plus....why star athletes continue to strike out when it comes to their finances. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas good morning. it's tuesday may 21st. i'm angela miles in today first look: apple tax talk-- apple's ceo tim cook heads to capitol hill today attempting to convince congress the tech company does not cheat on its taxes for tax reform

triple a says to expect to pay more for gasoline during the memorial day holiday. the current price is $3.65 per gallong unleaded. knock out trading. the dow and s&p touched all time highs in the trading session..then fell back after the president of the chicago fed said the economy still faces headwinds. gold rallied 31 dollars=--but is still below 1,400 oil up 65 cents. tom boylen of performance trust joins us on this tuesday for an early check on the bond market. good morning to you and we have the fed chair ben bernanke speaking to congress on wednesday. what are you seeing as far as the bond market. what are the bonds telling us? > >the ten year treasury is trading around 195-196 yield, still below 2%. we don't expect much change from bernanke in terms of the tone and what the federal reserve is doing. where you might see some fireworks is in the q &a session. this is a chance for the senate banking committee to ask some tough questions, see if quantitative

easing is helping. what's it good for in the short run and also in the long run. so the tone of what the federal reserve is gonna do might be somewhat redundant but as far as the q &a session is what i think most folks in the bond market are gonna be looking forward to. overall we don't see much change going forward in the bond market from the testimony itself unless we see some outlier language from chairman bernanke's comments. > > i also wanna ask you about the selloff that's beem going on in some of the precious metals such as gold. where are the safe havens? usually gold is a safe haven. are the treasuries becoming one? what's happening there? > > that's a good question. gold was up in the 1800s. it's below in the 1400s. defining what is a safe haven, some of the other metals, whether its palladium or copper or silver--- some of the industrial metals have sold off as well. getting some folks to think there might be some disinflationary pressures out there. as far as gold goes, there's a synthetic market and there's also the actual metal market so you've

got etf selling off it kind of becomes a vicious cycle. people see the headlines and they want to sell off. so it has been since the crisis has been rallying quite a bit. i think when the crisis started it was 8 or 9 hundred dollars an ounce, it got up to 1800. now its sold off a little bit. as far as safe haven goes, maybe us treasuries. if you compare us treasuries to other global bond markets whether it's in the uk or japan or in germany---i was reading this morning in germany on a real rate return the us treasury is the cheapest it's been against the german bond in 23 years. > >tom, good to have you on the show this morning. thank you very much tom. > >thank you. today in tampa, jamie dimon will find out whether or not his duel role as ceo and chairman of the board at jp morgan chase will be split into two jobs for two separate people. our cover story looks at the pressures pushing for the split and forces for consolidation. calpers, responsible for retirement benefits for california's public employees owns 12.9 million shares ofjp morgan, wants "stronger oversight." and will join other pension funds calling for jamie dimon's double duties as ceo and board chairman split in two. despite a trading loss of six billion dollars last year,there are still plenty of dimon loyalists."no, i don't think it should be split. he had no part of the debacle. look at the

entire career--i think he's done an excellent job."dimon guided the jpmorgan chase through the financial crisis. yet, there have been four attempts to split his duties in the last six years. dimon calls the debate "a sideshow" last year, the vote to split got 40% support. a random check of chase customers and others found strong support, still."split it. there's no oversight, no accoutability except to himself. it should be split.""there's something to be said for new blood--actually thinking about real people rather than how much money you make.""even though they did well, they still lost six billion. there should be oversight."others say there are more troubling weaknesses elsewhere. the bank's three- person risk policy committee members "lack professional experience" and should be replaced---according to c-t-w investment group, which owns six million shares of jpm. tea party members are planning protests at irs locations across the u.s. today. it's in

response to revelations the irs watched for words such as tea party or patriot in applications for tax exempt status. the groups were given tax exemptions last year. a congressional finance committee will hold a hearing today to question douglas shulman-- a bush administration appointee leading the irs while much of the tea party targeting was happening a white house spokesman says president obama was not aware of the added scrutiny. the tea party may file lawsuits next week against the irs. senator john mccain -- introduced a bill that would use regulatory incentives to encourage the cable t-v industry to "unbundle" channels. it is running into some static, though. cable lobbyists argue that unbundling would mean the end of many channels not popular

enough to survive on their own. the n-double-a-c-p blasted unbundling on the grounds that it would, quote" kill diversity in programming." new york senator chuck schumer is pleading with the airlines to reverse the latest round of fee hikes. its in responding to a move made by four carriers to raise ticket change fees from $150 to $200, schumer says its unfair to families on a budget. the department of transportation recently noted that in 20-12 airlines made more in fees than ever before. microsoft jumps back into the game industry today with its new xbox. competition is fierce. the xbox will go up against sony's play station 4 and the wii u. one other issue-- game players have steadly been moving online. yahoo confirms it's-- tumbling into blogger world. the once- prominent web pioneer will spend $1.1 billion in cash for popular blogging service tumbler. in the past yahoo has been critcized for acquiring these kinds of innovative companies and then squandering them. they are going to leave

tumblr as an independent company and leave its present ceo, who is 26 years old, in charge and i think that speaks well for yahoo." it is new c-e-o marissa mayer's biggest purchase to date. critics are likely to contend that despite its popularity tumbler has yet to make any real money and that makes the deal a risky one. there is more merger mania happening.... two online food companies have a new relationship cooking. grub hub and rival seamless are merging. the companies help diners find takeout or delivery in a specific area. meanwhile, software security firm websense is being taken private. vista equity partners has agreed to pay about a billion dollars for the company. shareholders will receive $24 dollars and 75-cents a share. in the drug sector.... generic pharamceutical company actavis-- is buying warner chilcott. e all stock deal is valued at $8.5 billion dollars-- at $20 per share. warner chilcott stock clearly ralled into the news. actavis sells copy cat versions of cholosteral drug lipitor and

a.d.d. drug adderall. together- the companies create the 3rd largest specialty drugmaker in the u.s. a new sleep drug has some alarming side effects. the insomnia drug, from merck -- has just received an official review from federal regulators. (soo-vo-rex-ant) suvorexant was shown to have helped patients fall asleep, but also caused side effects like daytime drowsiness and suicidal thinking in some cases. medical experts will meet with the f-d-a tomorrow regarding approval of the drug. calmer but still stormy weather is expected to continue across much of the nation today. yesterday a violent tornado devastated towns outside of oklahoma city. it is the breadth of turbulent weather -- from snow storms to tornadoes -- in just a month -- that is straining resources:"to see that kind of weather, especially in the midwestern part of the country, which has been hit by flooding and temperatures over the 100 degree mark and also record snow all. folks in minnesota and iowa, all the way down to kansas and parts of illinois have seen

tremendous extreme weather events here in the last 30 to 45 days. this is very very unusual." tropical activity can be expected to hit by the begining of june. chesapeake energy -- the nation's second largest natural gas prodcuer -- has new energy at the top. robert douglas lawler , will take the helm as ceo next month. lawler is currently an executive at anadarko petroleum, lawler succeeds aubrey mcclendon who was forced out in a sharholder uprising led by carl icahn. poverty is growing on main street. suburban poverty is up 64% in the last decade.twice the rate of the urban poor population.as more companies moved to suburban america, workers followed. the recession killed many job opportunities. surburbs of salt lake city, austin, las vegas, phoenix and atlanta have some of the highest rates in the nation. -a group of economists believe

consumers will hold up the economy despite sequester cuts. the national assocation for business economics forecast g- d-p will grow 2.4% this year....and 3% in 20-14. growth in 20-12 was around 1.7%. the panel also predicts consumer spending will pick up from strength in the housing and labor markets. new rules by regulators are slowing the process of banks selling foreclosed homes. wells fargo, citigroup and jpmorgan chase, reportedly have nearly stopped all foreclosure sales going back to may 6th. the reasoning was to make sure the foreclosure process jived with the new guidlines. bankof america however, is said to be continuing at its normal foreclosure pace. the bank claims its procedures follow the rules. law schools are getting creative when it comes to enrollment. as attendence declines , some universities are now offering a masters program in law. the one-year program is designed for professionals

interested in getting a background in law. law schools have been struggling to attract new students due to the oversaturated job market. it's been a very long flight delay but united's dreamliner is finally in the sky again. boeing's 787's were grounded for four months due to problems with lithium ion batteries -- a fix was made. the united flight from houston to o'hare took place without incident. still to come money mis-management--- why many pro athletes struggle with finances. thats later on. but first.... the popular wall street banker-- who's career is in the hands of shareholders-- bill moller goes beyond the boardroom

"even a master of the universe can be swallowed by a london whale." a large fund manager said that about jamie dimon, maybe a fallen master of the universe. he's chairman and ceo of the biggest bank in the country jpmorgan chase which is still being rattled by the london whale... the nickname of the trader whose risky bets cost the bank 6-billion dollars last year. and this week, the biggest name in banking may get his comeuppance. joe cahill is business columnist at crain's chicago business. he's faced this before. this is a serious issue this time though.

> >yes it is. there's been a big push to separate the roles of chairman and ceo. and there seems to be more momentum behind it this time, although it's not clear of course yet which way it will go. > >now, that's not just losing a title, that's a very significant change in the power structure. > >yes it is. ceo's at major public companies like to hold the chairman title as well because the chairman is the position that is supposed to oversee the ceo and the rest of management. so you can see the advantages of having the job that's supposed to be overseeing your job. > >job protection. > >yeah. > >what is the broader impact of this then, outside of jp morgan? > >well, i think that this is being very closely watched. it's the biggest bank in the country. it's run by an executive who was regarded, until the london whale incident, as being one of the best risk managers in the financial industry. so if he loses the chairman title, a lot of other companies that are facing

similar votes, are likely to go in the same direction. it will be harder for them to justify consolidating two titles with a single person. > >do you think this is punishment or is it something beyond that? > >i think this is part of a broader movement toward stronger assertion of shareholder rights at publicly traded companies around the country. as i said, there's a lot of companies where it's been proposed to separate the chairman and ceo title and it is an important way for shareholders to get more control over the companies that they own. > >interesting trend and not yet fully played out. joe cahill, thank you so much. > >thank you. still ahead why star athletes often find themselves on the losing end of a battle with finances. that's next.

pro athletes can become millionaires overnight... and in some cases-- lose the money just about as quickly. joining us now via skype-- cliff goldstein-- who works for the personal finance team at

nerdwallet...good to have you on the show this morning. > >thanks for having me angie. > >this has been happening for some time now, but what were you able to uncover? > >you're right. this has been going on for years. we were able to just look at a lot of the research that has come out over the last few years and it really hit home with some of the hometown heroes actually in san francisco. we saw terrell owens sue his financial advisor recently. we saw barry zito get caught up in a software scheme. so we just realized this was an ongoing problem and decided to take a closer look at it. > >what about the people who are ripping off the athletes? what role are they playing? is this becoming more prevalent? > >the real problem is that these athletes they look for advisors but they tend to not look too far outside their circle. so they find advisors and they generally just trust them way too much. they're generally looking to friends and family members or people that are peripherally related to them. and what they really should be doing is looking for an independant financial

advisor. somebody who can really help them with their situation while not being caught up in their family matters. > >there does seem to be a going along with the crowd problem here. it seems like athletes are starting up restaurant deals and investment deals. why is that? do they trust their buddies? > >right. there's partially that. there's also just kind of this get rich quick mentality. i think it's something about the athlete mentality that they are generally willing to take these risks. obviously what they should be doing is building a portfolio of conservative investments rather than a portfolio of schemes and individual private equity investments. > >well, here are some of the other issues that happen to athletes and why they end up losing their money that we found in usa today: did you come across pretty much all of those and which one is the worst would you say? > >very much so. i'd say the career ending injuries. it's something that a lot of people aren't thinking about. they're spending and spending and not thinking about the possibility that their careers could be over at any given moment. so

that's another reason we would encourage people to look for an advisor. somebody independent that they can trust. someone who can help them plan for retirement even at a very early age. you never know how soon that retirement could come. > >it sounds like advice all of us could use. > >absolutely. good to have you on the show this morning. that is cliff goldstein and you can find him at nerdwallet. thank you! > >thanks for having me angie. still to come on the show--- the fate of jp morgan stock...as we await what's next for the bank's leader jamie dimon. chart talk is next.

traders and money managers are closely watching today's jp morgan chase shareholder meeting. among them matt shapiro of mws capital---good to have you on the show this morning. > >thanks angie. > >matt, why is it that wall street is so in love with jamie dimon?

> > jp morgan, despite the six billion dollar london loss is a money machine and jamie dimon and his great management of the company is really responsible. but of course some of the looseness that created all the profits also created the loss and with some of the insitutional shareholder services wanting to split his role, he doesn't want any of it but i think we're gonna broler something where he gracefully exits over the next year and it's going to be even better for the stock. > > what is the stock telling us right now and especially about this upcoming meeting? > >i think the stock could hit 60. and you heard it here first. its pe is really low and last week we talked about the financials being an attractive sector that hasn't really run up yet and boom---what happens the next day? they're up about 2% and that trend's been continuing and the pe ratio of jp morgan is only about 10. these banks are in a very solid position, the credit cycle is improving for them and i think investors are searching for sectors to be in and financials are still very attractive. > >are you telling me that the stock is moving more with the vs

the fundamentals? > >well, in the past when we were coming from the financial crisis, stocks were moving up because they were so undervalued. now, stocks are moving a little bit on momentum but here clearly the valuation is right there and i think if we have a good resolution of the shareholder meeting with jamie dimon having a measured exit, it's going to be great for the stock. > >thank you and have a good day. > >thanks angie. that's it for now. coming up tomorrow--why apple's leader is eager to change tax laws-- and what it could mean for the rest of corporate america. from from all us at first business.. thank you for starting your day right here.

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