there i marinate and this is boom bust here are some of the stories we're tracking for you today. first up b.l.s. numbers are out and beating expectations which was kind of easy to do considering how low those expectations were we'll take a look behind the numbers plus we talk about the new rules affecting the london metal exchange and how the chinese government may shake up the commodities market that's all coming up and lives are levison i had to shut down his encrypted email service a lot of it i'm a government pressure and while he may be up against the ropes he hasn't been knocked out just yet i sat down with him to talk about whether a company could protect user data and be profitable at the same time later in the

show but now let's get to. the bureau of labor statistics released its october jobs report this morning and wall unemployment numbers rose from seven point two to seven point three percent number still manage to beat the low expectations of many analysts the total number of nonfarm payroll jobs came in at two hundred four thousand that's about eighty thousand more than economists had expected. now the b.l.s. report also revised its estimate job growth for the month of september it now estimates that there were one hundred sixty three thousand jobs added to payrolls

not the one hundred forty eight thousand it originally reported it appears that early october sixteen day government shutdown was a largely responsible for the uptick in the jobless rate meanwhile employers showed some confidence in the economy by continuing to add to their payrolls even as lawmakers in washington shut down the federal government. elsewhere twitter shares rose seventy three percent in a feverish trading debut day on the new york stock exchange thursday driving the seven year old company's value up to twenty five billion billion with a b billion dollars now twitter managed to avoid the missteps that to facebook's i.p.o. last year the stock closed its first day trading at forty four dollars ninety cents a share up from the initial public offering price of twenty six dollars a share and even though twitter came out the gate quite smoothly it's sure to face scrutiny as it works to justify a valuation of more than thirty billion dollars however twitter its bankers and the new york stock exchange have little to complain about after raising billions and

pulling off a quite solid i.p.o. and according to a new report by mckinsey and company the number of global universal banks may drop significantly as big banks narrow their focus on products or regions now the report says in an effort to boost shareholder returns one fifth of the world's biggest banks may be broken up or sold in two thousand and twelve return on equity for global banks climbed eight point six percent however this is still below the minimum return required by shareholders which is ten to twelve percent the average cost of equity mckinsey says more companies will have to employ a quote back to basics strategy by dropping marginal consumer products and limiting the industries they serve. and finally don't blame the grinch for stealing christmas this year blame wal-mart yes wal-mart now with a market cap of over two hundred billion dollars the mega retailer decided it

couldn't possibly just can't possibly honor prices for items accidentally put on sale via its website now wal-mart online said experience glitches this week which resulted in expensive items like computers and televisions being sold at a fraction of their cost items like a six hundred dollar treadmill sold for thirty three bucks two thousand dollars t.v. went for only a couple hundred bucks and even a popular sixty dollars video game grand theft auto five the fifth edition that was sold for twenty dollars under twenty dollars in fact now when word got out about this super sale shoppers obviously flocked to the site however as soon as wal-mart learned of the problem it decided that the only fair thing a multibillion dollar mega retail conglomerate could possibly do the only fair thing would be to cancel the orders and hand out ten dollars gift cards yeah true story ten dollars gift cards instead of your six hundred dollar treadmill so happy holidays happy early holidays from wal-mart. that's all for now but as always we'll be tracking these stories and keeping you posted on all the latest.

switching gears a little now the london metal exchange has released new rules in light of a new york times exposé which called out goldman sachs for manipulating the aluminum markets the gray lady said quote the industrial dance that has done choreographed that has been choreographed by goldman to exploit pricing regulations set up by an overseas commodity exchange now this week the london metal exchange released more consumer friendly rules it was in response to these allegations that goldman was sitting on supplies to increase wait times the cost for aluminum and ultimately the firm's profits now under the new rules warehouses with wait times of more than fifty days will be ordered to ship out more metal than they taken on a daily basis earlier today i was joined by ken often senior metals and mining

analyst bloomberg to discuss the aluminum markets and i started off by asking him about the new rules pertaining to london's metal exchange and how they will affect the aluminum markets. there's a bit of history here it turns out that. a few years ago goldman sachs and a number of other companies ended up buying the one in the lee aluminum warehouse for all of north america where producers of aluminum could store their aluminum and give it to customers by holding this one warehouse they were able to control the amount of aluminum that would go out to customers and by restricting the amount of aluminum that would go out to customers they would get what's called a premium on top of the regular price premium went up about five hundred percent over a four year period and it really made consumers pretty upset what we see coming to know is the fundamental exchanges now. trying to change the rules forcing so much metal to come out of the warehouses to customers but i think more importantly what

really is causing a big change is the c.m.e. the chicago mercantile exchange has launched their own aluminum contract that will break the monopoly on the aluminum market and cause these premiums to plummet most likely over the next year or so ok now let's go back to the allegations against goldman sachs for a second there are alleged manipulation of the market was completely legal under current regulations is the london metal exchange best suited to countering this market manipulation what do you think. well it's interesting i went to the london metal exchange they had their annual convention a couple weeks ago and and they basically washed their hands of it and said look all we're trying to do is bring buyers and sellers together whatever they do in the marketplace is their business so they really sort of try to distance themselves from this what they really did though is they set up a pretty bad system to have only one warehouse and for all of north america where forty percent of the world's aluminum sat so that was sort of a problem with the system you know goldman and the other companies didn't do

anything wrong but they made they found a loophole in the system and they sure milked it some of the people at miller coors said it cost consumers up to five billion dollars now analysts are calling these new rules consumer friendly can you explain who the winners and losers are of these new rules. sure if the if the ability of the new rules and i think more importantly the c.m.e. coming out with their own aluminum contract with many warehouses goes into effect this premium will disappear the premium for many many years was only about a penny or so a pound it's about five or six cents a pound as we speak and that probably comes back down so it will really help all consumers particularly a beverage cans as this premium comes down hopefully the people who make beer cans except your soda cans will pass those savings along to customers now you have the people who it hurts. i'm sorry continue i'm sorry continuously i'm sorry the people

who would have heard would be the producers of the metal you've seen alcoa quite upset about the rule changes because they typically get not only the price of aluminum but most of their contracts are based on getting this premium as well and so if this premium goes away and it in effect hurts profits. now you want to bloomberg have come out with research regarding china effect on the aluminum markets how does the chinese demand affect earnings. will china is pretty interesting china has decided for the aluminum market that they will pretty much produce all the aluminum they need in the house no matter what the cost and so there are very high cost producer of aluminum in fact we think that a third to up to a half of their produce their limited production is above the average cost of aluminum this weekend is going to be really telling because the chinese are having their what is called third plenty airy meetings where they talk about their new economic strategy for the next decade a lot of press is starting to talk locally about cutting this high cost aluminum

why because it pollutes the environment massively and it loses a lot of money for china where they can finally start becoming an importer of aluminum if that starts to occur people like. you will really be happier chalco even those who have aluminum smelters lower cost outside of china and they finally can export their aluminum into it will be a be a sea change for the aluminum industry which really has been hurting so we'll have quite a big impact on the aluminum and steel markets as what you're saying. it could it could have a really big change i mean i was in beijing a few weeks ago the pollution i know you hear about it but actually being there is just horrendous i mean literally you're gasping after a day and a half they have to do something about it and it mainly is their heavy industry that's polluting the the economy there so you may see them do certain things and that's why. we're watching what do they come out with will they come out with maybe a lot of nuclear reactors there was

a lot of stuff in the press when i was there talking about how great nuclear energy was how great it would be for china if we built even more nuclear reactors so maybe that comes out of it maybe we do see a reduction in capacity in the steel in the aluminum industries or the copper smelting industries it's going to be a really big deal and we're very keen to watch what comes out over this weekend and early next week can i have one final question for you and that is how do you see the metals consumption of china affecting the global markets. will chime is anywhere from fifty to sixty percent of global metals demand they are it and anything that they do impacts the rest of the world massively take for example the u.s. is only eight to ten percent of global demand so we spent almost all of our time looking at china and whatever they do in terms of the region and growth and economic policy directly impacts everything that you do paying for various metals from zinc to copper to aluminum can thank you so much for your insight we'll have to have you back here in the. us thank you for your time. thanks for having me.

and that was kind hoffman senior metals and mining analyst at the very. still coming up lava bit owner and operator alleged are leveson explains whether privacy and profit could ever co-exist and in today's big deal will look at the latest turn of the revolving door this time of j.p. morgan it's all coming up but first here's a look at some of today's closing numbers. i know c.n.n. the m s n b c news have taken some slightly but the fact is i admire their commitment to cover all sides of the story just in case one of them happens to be. that was funny but it's closer to the truth and might think.

it's because one whole attention and the mainstream media works side by side the joke is actually on here. and our team news we have a different approach. because the news of the world just is not this funny i'm not like damn it i'm not how. you guys talk to the jokes i will handle the stuff that i'm. old. technology innovation all the developments around russia we've got the future covered.

a lot of it was an encrypted e-mail service with more than four hundred thousand users but one user in particular piqued the interest of the u.s. government that would be n.s.a. whistleblower edward snowden a search warrant demanded that lava bit turn over its s.s.l. code which would have opened the door for the government to decrypt user data however love a bit founder decided to suspend its operation in order to protect his users' other encrypted e-mail services like silent circle also opted to shut down their programs as well but now live a bit and silent circle are back with something new called the dark male alliance i sat down with le dar leveson and asked him how dark male alliance differs from lava bit and why it sounds like a star wars villain. it's the rebels not the villains and what we're trying to do is is really create a system that is strong enough to resist evil. exactly who you think is evil

depends on your politics and your perspective but the idea is we wanted to create a new set of e-mail protocols and supporting software that would basically bring encrypts into the masses that would be secure by default that would effectively make the world's communications go dark hopefully overnight because that's how long it will take for everybody to switch to using dark make. the dark mail alliance is the nonprofit at the heart of that effort will be the the owners of the intellectual property. will be the group of key supporting companies that are planning to work together to push this out to the world who are who is under that umbrella of supporting companies right now it's silent circle and love of it as well as you know a few people in the security community that kind of work independently that we've

been talking with. and we've also been talking to a few companies that want to be affiliated with darkness. now in an online company be profitable and maintain privacy for its users simultaneously oh certainly lavabit was you know we were a company that really focused on providing at least as secure an e-mail system as we could given the state of e-mail standards and what we realized based on you know what happened to my company and to what happened to hushmail a few years back is that we can't continue. promising a secure system. if the data is encrypted and. because server based encryption systems like lava bit and hushmail only protect the information once it arrives at our systems and what we really need are new

protocols that protect the data from the time it leaves the senders computer until it arrives at the receiver's computer now just moving to i.p.o. like facebook did and twitter is actually now doing. does it make it harder for the company to maintain and protect user data i think it does i think the more investors you have the more voices you have the more pressure there is to go after opportunities to make a profit regardless of the ethical implications and that was a big part of the reason i chose to grow a lot of it organically and not go after venture funding when i first started it is because i wanted to ensure. that the company would stick to its philosophical underpinnings and that actually my next question you know you're finding this free open source dark mail network that you're creating via kickstarter and you know how do you feel about crowdsourcing your investors obviously you're opposed to the old

way because that brings up the other thing i think questions but you've had some success with with crowd funding your legal. bills before from off of it why crowdfunding. we thought that would be the best way to fund the initiative and specifically what i was trying to do was give a small number of companies the opportunity to put in ten k. and give them access to the code and let them offer dark mail to the world sixty days before we release it to the general public and what i've actually been surprised by is that we've only had one company sign up for that so far and most of the seventy thousand dollars that we've raised has come from individuals who just want to see dark mail come into reality so i'm hoping. more companies or more people will see the opportunity here to launch services and step up

now you have a crowdfunding goal here i want to get the number out of exactly one hundred ninety six thousand dollars excuse me one hundred ninety six thousand six hundred dollars a little short two hundred k. as of today right now you have a little over seventy k. that's been pledged how did you determine this exact dollar amount and you know what do you plan to do if you can't resolve it. the number looks a little bit more intuitive if you convert it to binary ok and i'll leave it at that you want to spend it on looks like two ones in a bunch of zeroes afterwards and if i had. turned those two ones into zeros and gone to the next significant digit and turned it into a one it would have been a much larger number so i decided that would be a good compromise because i think approximately two hundred thousand dollars is what will need to make dark mail a reality and obviously i'm hoping to raise more than that because the more money we raise the better the product will be when it comes out the more things it will

be able to support at launch now you touched upon this before with the ten k. pledgers that they're going to have early access if you will can you mention some of the other incentives that pleasures will be given if they invest in your new project there's also a five thousand dollars level which will give a few companies access to the official binary releases you know thirty days ahead of time and then you know we're also giving away some swag to the people that are helping out with the funding but i think. the ultimate benefit of contributing to this kickstart is that we're making we're changing the world. now would it be fair to assume that massive online in mail providers like google like yahoo they all. in fact user data to the highest bidder. i don't know if they're releasing it to the highest bidder but they're certainly using it in every possible way that they can

conceive of to make money and oftentimes that involves. doing some dubious analysis and possibly providing access to that information to some of their third parties probably maintaining control of it but certainly mining it in very creative ways which is really interesting when we think about things from a privacy perspective because we get very upset by the fact that our government does this but we don't tend to get upset that these big companies do it and it's kind of an interesting contradiction and the only thing i can come up with to justify it is the fact that we have a choice in which commercial companies we deal with we don't have a choice which governments we deal with aside from moving to a different country even unity that's not going to give us much of a choice or anything it gives us less protection now from a business perspective what do you hope to accomplish with dark now. what i'm

hoping to transition from a service provider into a software company a company that basically hears to the open source business model and you know supports dark mail through products through consulting services through support services possibly even through devices or partnerships with device companies. what we're hoping to be is really sort of the commercial push or. at least until my court case is settled ok i'm kind of answers my next question but i want to finally lead off with this do you have any future plans for other types of disruptive venture beyond just email you mentioned you know this offer coming but anything anything you can give us a little bit into beyond just the immediate darker. well during my time here in washington i met with a couple of politicians and they suggested a couple of ideas on things that you know i'm going to look into working on that

would be really focused more on the political aspect of you know enhancing privacy for americans because you know i've talked about this a lot even if i win my court case it's only one battle in a much larger war and ultimately if we want to win the war that means getting congress to. let our levison thank you for your time and say we appreciate you for having me on back soon thank you. and that was the door of love as the owner an operator of love a bit now it's time for today's big deal. in today's big deal archie producer rachel currency is the one and the only she joins

me to discuss the new gig for new york city police commissioner ray kelly rachael how you doing today i'm good how are you pretty good now first in for a happy it's friday it's friday always first and foremost what might be next for commissioner kelly what's he up to in new york post is reporting that he is in talks to become the next top security officer at j.p. morgan the new york police department itself is very moment there saying that he wouldn't even be allowed to be in negotiations but allegedly there are senior officials at j.p. morgan who are beginning to leak that kelly could be in for this job that position is currently open the previous top security guy left about a month ago and right now that that seat is just waiting for someone to take it and bill de blasio the mayor elect of new york has made it very clear that he is not interested in ray kelly staying on ray kelly has made it very clear he doesn't want to say on this commissioner if bill de blasio is mayor so it's looking like ray kelly might get a seven figure job at j.p.

morgan and i think that that and he has some experience with this bear stearns yesterday exactly he was doing corporate security over bear stearns back in the early two thousand and kind of in between his two times as new york police department commissioner and now i mean this kind of in in just but not totally do you think that stop and frisk will now be implemented out you can work out and i think that's one of the reasons i'm going to tell you is guy you know they're like wow i kind of like what this guy is doing with all that surveillance of muslims we could use a little of that surveillance over j.p. . morgan no they said that the major thing that he would be involved with is actually cyber security which is a huge issue for banks you write remember that bloomberg businessweek cover that said very loudly the chinese are stealing your. i mean cyber security in particular d.d. o. s. attacks are a huge issue for banks because banks aren't only a target in terms of corporate espionage trying to get data get user information but also banks specially big banks like j.p. morgan to become highly politicized so a lot of times groups like anonymous and like losers that are just going after j.p.

morgan for what they call the locals you know now if you try to make them a little yeah do you think that he's most qualified for cybersecurity i mean he's qualified for lots of things but obviously there's purity in new york city's police department and probably if you know units but it seems as though there could be other engineers that might be great that might be better suited well he was also allegedly up for the d.h.s.s. job at the department of homeland security and the major huge push at the department of homeland security right now is looking into cyber security so you know if he's up for it for the u.s. government certainly he could be up for it also at j.p. morgan and you know whatever you think about ray kelly politically he reportedly scored the highest of any person ever taking the police entrance exam so i bet he could wrap his his head around cybersecurity i mean you know that entrance exam and exams are you know just to get exactly you he might just not have those nerves that

plague so many of us when we're staring at us thank you as always that's all for now but you can see all segments featured in today's show on you tube dot com. youtube dot com slash boom bust our t. we're going to tell you where to go we also love hearing from your superiors check out our facebook page at facebook dot com boom bust our teeth from all of us here at us thank you so very much for watching see you next time but. well. science technology innovation all the developments

around russia we've got the future covered. it's simply forth so i only goal in life was nothing more than making money as quickly as possible with what we got off of the kids. so that mornings wake up no one to sleep. but it's not a kindergarten or an orphanage it's a host where you live with your family your children five children and you can be a father to seventy children just like i'll be a husband to twelve mothers. why are you all shouting yes i wasn't ready it's like if a man proposes to you and yes or no whoa i need time to think so when she told me mom i needed time to see with that well i think. you could say mom is the most important sleep person in your life and yes they told me much scariest stories about what their lives were like about their trunk mothers fleeing home and

living on the streets they've let me into their world and it became easier for them to cope they're just. all people are interesting but he has something to say everybody has a story i'm not the type of person want to sit next to on an airplane. i mean there's always in the waters and. that's whether it's a ballet dancer a ballplayer those things that are clues to visitors things i think about. that were not a. all

eyes in the sky the already busy airspace over america is preparing for an incursion of thousands of new drones sparking fears of possible air accidents. and hopes over a possible nuclear deal with iran rise in geneva despite israel trying to throw a spanner in the works all of it claims its blackmailing leaders. and daylight robbery daring raids a fledgling online bank making off with more than a million dollars worth of bitcoins. and how much fuel cool records cost we look at the cia's evaluation as reports emerge of the agency buying up logs from an american.