and eight hundred billion dollars that is how much the coffers of the saudi government stands it's frozen the assets of dozens of officials businessmen and even royal family members for corruption but there's a twist those assets might be not so easy to get their hands on and amazon delivers a one two punch to the medical distribution industry stocks soared after a leak showed its certification as an online pharmaceutical distributor numerous challenges like that stevia catch up i discover there my gavrilis are now the founder of the stocks were down by a bus start right now. it's been a week of arrests and detainments of sixty prominent saudis including princes government

officials and businessmen and now their wealth will become state property the saudi arabian monetary authority has announced a freeze on their assets valued at an estimated eight hundred billion dollars in response to their pending legal cases it will fill the kingdom's purse as it becomes state property this palace purge as it's being called is spurred by decrees from crown prince mohammed bin salam solomon since june when he was declared heir to the throne he has acted to clear the country of corruption and of course consolidate power after a prolonged low oil prices the oil dependent economy could benefit from any amount reclaims it turned to borrowing on the international bond market andrew extensively from the country's foreign reserves according to government data reserves dropped from a two thousand and fourteen peak of seven hundred thirty billion dollars to four hundred eighty seven point six billion in all. just much of the arrested

individuals assets are held a brought which will complicate those efforts to reclaim it. the u.s. department of justice may allow the eighteenth tee time warner merger but only if one of the company's sells an existing property it is being reported now that in order to gain regulatory approval either time warner owns c.n.n. or own to direct t.v. must be sold this demand could potentially set up another battle for the two companies whose merger is at eighty five billion dollars if the d.o.j. makes a formal demand and time warner will more than likely challenge the government's basis for blocking this transaction. and the offshore dealings of major banks and some of the world's largest corporations are being revealed in the over thirteen million leaked documents known as the paris papers the business and banking ties are also coming back to haunt hundreds of prominent individuals including political

leaders such as candid as their e.o. prime minister alex and hyla which has the latest from toronto let's start with financial institutions come to light that one of canada's biggest charter banks is needed in this controversy due to the paradise papers what do we know so far. well we're talking about beam of a cup montreal back in two thousand and eleven it bought a company called lloyd george management now g.m. as most people know it is a company who has subsidiaries in hong kong and in london mostly deals with asian business and the mother company the company the shell company or the mother i should say is in bermuda so it's in bermuda unlike the companies in hong kong or london the offices which have people in desks and stuff the place in for me to has nothing it's just a mailbox at a law firm that deals with offshore accounts believe it or not so right now what's coming out in the paradise papers as we're seeing that there's

a few leaks from be cleaning leaks from a two thousand and thirteen meeting that some exacts had who are exactly the in the b. mo boards and the l.g.m. board for what reason because they need to make a parent's appearances in bermuda once every six months so that it seems that there's something legitimately happening in bermuda now b. will have a little bit of a tough time getting a lot of the exact to go down but just basically reduce the number of people as they go down and within these meetings we actually came to light that they were a little bit concerned that if they cannot continue doing this they might have to pay taxes in some place like let's say canada where we all know that they're headquartered so that's a part of the deal as would be well the other banks in canada the big ones that were mentioned but nothing came to light like what happened with the bank of montreal bank of montreal also because of those investigations go a little bit deeper right now we know that this was discovered as well the buell ran a two hundred eighty eight million dollars tax dodge and this is according to the

canada revenue agency they're going to be taking them to court in june over range within shell companies loans and stocks watch so this goes a little bit deeper than just the paradise papers but it seems for the paradise papers are the ones that. starting to reveal all these shortcomings from that bank lots of these corporations if you big is on the slab after all how is the tech giant going for trade in the paper. apple starbucks i mean how the a lot of these companies that are doing this kind of thing going offshore trying to avoid taxes and again i mean we've talked about this before lindsay this is completely legal but it's just one of those things when you look at it it just doesn't seem right when you have people making millions and billions of dollars not paying their taxes while people that are working their jobs every single day can't get away with this simply because we don't have offshore bank accounts but when it comes to apple itself you might think back to may two thousand and thirteen you remember the u.s. senate permanent subcommittee they were investigating what's happening with apple

in ireland we know that apple is using arlen to avoid taxes there the subcommittee itself said there were ghost companies happening there but listen this is what tim cook said the big time c.e.o. of apple he said we pay all the taxes we owe every single dollar we do not depend on tax gimmicks we do not stash money on some caribbean island that's what he said back then and guess what they did after that they tried to find a nice caribbean island to have some money on it and the bottom line is that they never stashed it in the caribbean they went to the english channel instead jersey and that's where they started stashing their cash from that point forward you know these leaks leak after leak is basically showing you that this is the way people do business and it's important to know i mean this is one of many companies look it's right now if you look at just three jurisdictions this world netherlands ireland bermuda less than point three three percent of the world's population lives in these places but the amount of bank accounts that are there this is unbelievable

thirty five percent of all profits that u.s. multinationals report earnings overseas last year one of the one of those three jurisdictions those are all tax free zones thank you so much alex now that's coming out us from toronto. thank you. after president tabbed your own power to head the fed eyes are now cast down the bench plenty of seats a fellow on the board of governors so what the next generation of the federal reserve have and store and what can we learn from its story past here to break it down with me is mark gotten a senior fellow at the me sensitive jay powell trumps nominee. his what we're looking at right now but let's look at some recent history here according to pew research rates under fed chair is paul volcker over sixteen percent alan greenspan fourteen ben bernanke around thirteen percent yellen eleven jay powell one of the fake. well jay powell is a continuation of janet yellen policies he's probably on balance of

a better choice than leaving yellen position because yellen was complacent she didn't act aggressively enough she didn't lose the best she. so she was just holding steady when change was certainly called for in the u.s. monetary policy. or unemployment is below the natural rate so it's only four point four percent inflation is tame and she should have acted she could have saved her job i think power will be a little bit more aggressive a little bit more realistic about what the economy actually needs he's been critical of the failure of the fed to unload its assets off of its balance sheet he's been critical of not raising rates aggressively enough so he is an elitist he

does come from wall street he worked in the carlyle investment group. but on balance i would say it's a slightly it's a slight improvement over leaving janet yellen in in place ok well let's talk about some of the you consider a fall carol volcker in the seventy's rates at historic highs like ripping a band-aid off that you set it at us god what's your opinion on how we ended up after that. well paul volcker we were in trouble inflation was eleven percent when he came into office and rising the fed had raised the federal funds rate but had not raised it enough once you get into an inflationary spiral you actually have to raise the federal funds rate above the rate of inflation to drain money from the system and to reduce inflationary expectations and so his policy was to raise rates aggressively and what happened was he he broke the inflationary expectations in the economy in

a fairly short period time it was really painful i remember very well but the economy quickly recovered in the u.s. stock market went steadily upward from there unemployment fell from ten percent down to about four to half percent and so that's the type of monetary policy stance that we need in the u.s. economy we've built up such an enormous monetary base and we have such an enormous asset balance sheet at the fed that it calls for rather dramatic actions and i would hope i mean if i was in there i would act aggressively and quickly to try to reverse these. trends and of course that too would be painful in the u.s. economy but it would be a great wake up call for the american people and the u.s. congress which is just continues to spend knowing that the fed is at its back in

and buying up government bonds and keeping interest rates our government bonds historically very very low ok let's talk about who you would put on that bench as a federal going to have three spots here would you put on there if you had your choice. well the first thing i do is call ron paul and ask him to be chairman of congressman ron paul has been a longtime advocate of a return to the gold standard which we temporarily went off in august of one nine hundred seventy one so the doors opened to returning to the gold standard and i think ron paul could navigate us back to the gold standard standard in that he knows the implications of monetary policy. and the value of returning to the gold standard i would ask him who the subsequent nominees would be but i would certainly consider john ellison who was the chairman of b.p. bank i would consider dr joseph salerno for the president of the new york federal reserve which is a standing member of the policy committee and we would go from there and hopefully

we would have quickly would have a majority are the board of governors and then work to these moral suasion in perswade should to lure the presidents of the district banks towards a more sane monetary policy which many of them have been at every time anyway thank you so much mark martin senior fellow at the me sensitive. time after a quick break stick around though when we get back we touch on president trans tour of asia and the touches down in china what's the topic of the day they're going to clear north korea and c.b.s. is terrified of amazon and setting up the future of pharmaceutical delivery can the number two car missing in the nation have jobs and what does this mean that my guess is a pretty good idea as we go to break here's a number of our. i

played for many clubs over the years so i know the game inside out. football isn't only about what happens on the pitch put the final school it's about the passion from the fans it's the age of the superman each kill the narrowness and spending two hundred twenty million on one player. it's an experience like nothing else i want to get close i want to share what i think what i know about the beautiful game a great one more transfer. and thinks this minute. about your sudden passing i've only just learned you were yourself and taken your

last wrong turn. to you as we all knew it would i tell you i'm sorry suddenly i could so i write these last words in hopes to put to rest these things that i never got off my chest. i remember when we first met my life turned on each breath. but then my feeling started to change you talked about war like it was again still some more fun to feel those that didn't like to question our arc and i secretly promised to never be like him it said one does not leave a funeral in the same as one enters the mind it's consumed with death this one jeff and i speak to you now because there are no other takers. the claim that mainstream media has met its maker. have got a very wide grin on life because that saudi prince. we're told of

it just look good and now you've got all evolved obfuscated a slave put on a. rope so tell the middle riyad top up. starting on thursday americans who visit cuba mosque now avoid hotels shops to work companies and other businesses on a lengthy list released on wednesday by the trump of ministration as part of a new policy it's aimed at cracking down.