related to b.p.'s role in the deepwater horizon oil spill disaster in the gulf of mexico the largest marine oil spill in history deepwater horizon penalty payments for the year expected to total three billion dollars and the eighth anniversary of that deepwater horizon disaster just passed on april twentieth. and turning to corporate personnel news the chief executive that document technology companies xerox is now pursuing other opportunities that are parcher of c.e.o. jeff jacobson and six xerox board members as a consequence of a fight within the company over the attempted takeover of fujifilm activist shareholders carl icahn and darwin decent prominently oppose the deal claiming xerox was being undervalued and want to court ruling last week that delayed the deal the judge's decision also made the key findings that c.e.o. jacobson was quote hopelessly conflicted by trying to arrange a merger that would include jacobs to as the new c.e.o.

of the company when he was expected to be replaced by zero axis board sounds like some double dealing there to me and meanwhile the board chairman of global british bank barclays john mcfarlane tried to tamp down rumors and reports of his imminent departure telling the bank's annual general meeting that the speculation is quote somewhat premature that's not exactly a denial right macfarlane recalled his plan when he was elected to the board chairs to serve four years ago when he noted that he would only be there for four years and it's been three so far macfarlane also endorsed a c.e.o. just daily as his successor a notable show of support while staley is actually under investigation for alleged attempt to identify a corporate whistleblower. and he. talk about the business of advertising and markets is michael dell pierre the

co-founder and c.e.o. of conversion pipeline michael thank you so much for being with us really appreciate you make in the trip so i'm an advertiser i call conversion pipeline i think michael what's the best way to advertise in today's day and age in terms of digital advertising google and facebook in that order and is is facebook sort of the be all end all because they have those detailed analytics the tell you about where they are in everything as opposed to google which i guess just tells you where searches are as it was the main difference is primarily but if you look at google google conducts three point five billion searches per day facebook on the other hand has over two billion users a day in each user on average spends at least thirty five minutes on facebook the biggest benefit that facebook has is that they know everything about you where you went to school where you're physically located what you like where you got to eat

how many people you have in your family they know everything because of that that's valuable advertising data now it's valuable absolutely everybody would agree with that but it's also turned out to be a little bit of their kili healed with regard to the cambridge analytic a scandal and i'm sort of selling this data that people didn't know would actually be be used what about that are their responsibilities that you think facebook or there are some other player not that there's really one that's akin to facebook that they're responsible is a should have been are the responsibilities for advertisers who place ads on facebook i think facebook does have the lion's share to blame here but when you sign up for these accounts there's the legal ease the fine print no one ever reads those and somewhere along those lines you are releasing them of any liability in case they do share your data with other users safety with google no one talks about google guess what you're being tracked on google everywhere you go. it's most

people know when you sign up for these social media platforms is that you're going to be tracked because they make their money through advertising yet the former regulator you know i've often said that it's time for people to go back and look at these disclosures because like a mortgage for example you get thirteen pages of disclosures and i'm not sure anybody really reads all right fine print so they should probably get rid of a lot of that stuff and. the bottom line is if you are going to use facebook or some of these other services you're going to have to agree so it's not like you're going to say could you amend your disclosure statement and change this and not track me not going to happen by and large let me take a half a step back michel and go back to the looking at the advertising dollars of digital versus the advertising dollars spent on a t.v. and radio etc we all know that digital is taking up this a big share of this going forward but is t.v.

really losing a lot or are they just sort of staying level t.v. is actually losing advertising dollars and they've been on a downward slope for quite some time as an all t.v. or is it just the just cable that we know people that live in cable everybody in t.v. people consume data a lot differently now if you think about it you'll see people watching a t.v. show on their mobile phone they're not physically in front of the t.v. they may be streaming services like hulu right now you don't have to own a t.v. to watch cable network t.v. shows and a lot of these you can skip through the advertisements so if if you're maybe going out ten years is there no advertisements on t.v. did they go back to the day when it really when that the first cable was really free to people right that you bought cable because you didn't have advertisements in a weird way could we be going into a time machine and going back that way i think everybody right now is a crunch for content everybody wants to own the content because if you have that content you can charge the average. dollars t.v.

is always going to be around in some shape or form that's never going to go away and we think about having that n.f.l. watching party at your house no one could just sit in front of their monitor and want to see the football game right there to watch of i.t.v. it still gets a lot of eyeballs but i think of the course of time it's going to evolve and grow and the t.v. the cable providers have to grow with it if they want to keep the advertising dollars i'm going to ask you one final question and it may be a little bit. weird so if you're if you're advertising online on google or it or it facebook an advertiser and the idea is you want to get a click right you want the conspiratorial customer to get a click that doesn't always mean that that advertiser can perform the service because they're out there in the u.s. or globally so i've had a couple of personal circumstances where i've ordered something put in the credit card information all this stuff and then i get notice a couple hours later sorry refunding your your money in a week and we can't do the service isn't there some sort of responsibility on

behalf of the advertisers to ensure that they can actually perform what they are proposing to do all advertisers have a form of fraud regulation they know that there's there's bad actors out there trying to alert people that want to buy something and give it their credit card go to a phishing website and they have fairly good controls in place right now but don't be surprised that it does happen but i would imagine the way we are today is ten times better than where we were even five years ago regarding that and another five years will even be better right one hundred percent michael duffy here thank you so much for being with us i appreciate it conversion pipeline thank you sir thank you . and now we shift gears and on to crypto currencies regulators are weighing if they should treat kryptos as securities to date bitcoin and other kryptos have largely escaped rigorous regulation but that could be changed. today we talk first about

the currencies and then we'll talk about the exchanges after the break and to help us on the currency we are again joined by jeffrey tucker the editorial director of the american institute for economic research jeffrey thank you for being with us again we always appreciate it boom busters out there all know you don't care one lick for regulation and i agree that regulation can be stifling and for innovation but do you think there's any way that crip those will avoid being regulated as we go forward. i think they're going to avoid it more than you think i mean you look at this i've had i've had people tell me for five years oh government's going to get rid of it you know we're all doomed you know that hasn't happened yet i think i think part of the problem is the regulators don't entirely understand it and they they do have a sense that they could actually cause more harm than good and that does seem to be anything you know i think last time i was with the bar we talked a little bit about the new york case that was the regulations were a complete mess and i don't think anybody wants to do that this this time around so

yeah i think there's going to be some very late expected to be a lot of a life hey listen let me just say this is it not fun again encrypt the land part i mean not just me over the winter is over right is i mean i know this i don't know that because you know or not i got something like twenty five hundred tweets you know and the twin towers are back and a lot of the back to jeffrey we're going to do we're going to do a story the other day about there is that big move maybe two three days ago and so the headline was going to be you know we had this big movement kryptos and then as we wrote it we said well what's the price now well we did bounced right back so like you say it's sort of more of the same so speaking of regularly is great we're go ahead go ahead we're almost we're almost half a trillion dollars now again in market cap so you know it feels like it feels like the fall again you know last fall to the it's a thousand dollars it is not his that it is six protégé let me ask you so we talk

about you know not regulating are there you know i've seen this before i saw this in the wake of dodd frank where some countries would try to have the thinnest rule book so they could maybe attract business and and you did i do recall your conversation about new york putting out their rags and then losing business is are there countries out there now that you think are maybe attracting you know crypto i know crip those out in cyberspace but a coup. attracting crypto related business is why haven't been ruled books yeah the exchange exchanges right that's what that's what you want you want two things you want to exchanges to come to you and you want to start ups that are willing to of float tokens to fund the fund their operations and other kind of blocks and enterprises so switzerland of course as you might expect has been very liberal on regulation but here in the united states wyoming this past summer like seven pieces of legislation everybody in the u.s.

not not at the federal level but the state level you've got a lot of people talking about how they want their state to be the crypto capital of the world i think it's really exciting i was speaking in mexico few months ago and i told them that they could surpass the u.s. g.d.p. if they had the right regulation i'm very interested in that they're interested in that they want to see the look on donald trump's face. to your right about switzerland i notice that four of the ten largest i c o's last year were in switzerland and you may have seen a guest on the program all gutfeld mightier the big queen queen of switzerland that we've had on the program and as she talks about really trying to build a hub there let me ask you this before we go what do you see in the near term on prices we've talked about how crazy they are but you think we really are back to where we were last fall or look at bitcoin at near twenty. well you know i never give investment advice or speak for the american is terrific and i'm a real bodies lightening i must say ratchet as

a technology as you know i'm i'm super bullish on this technology i don't know about i mean big point dominance is down to thirty six percent i see now online the maximalist there are screaming you know about about this i think it's ridiculous i think we need to get used to choice and currency we've got to think about kryptos being part of the future in and every kind of technology not just monetary technology but in finance and law and everything i think is a beautiful sector and it's tremendously exciting to watch i must say i could not agree with you more and you make it more exciting jeffrey tucker the editorial director of the american institute for economic research thanks geoffrey pre-shared a pleasure by a good to see bart all right. and time now for a brief pause for the promotional cause but hang here because when we return we'll continue the crypto conversation this time with a focus on crypto currency exchanges with former ceased we see three exchange executives borstal yes he'll join us plus we'll sell one of the world's largest old

woman of producers located in russia could be exempt from the u.s. sanctions on russia are want to file a big help us understand how that could occur there and here are the numbers at the closing bell back in a flash. in

the heart of the swiss alps there's a place probably more secretive than the pentagon more mysterious than the cia and better guarded than for knox swiss customs are here permanently on the site is controlled by them and they impose the opening times. opposite it is from his office the procedures in place of the strictest in all europe masterpieces by artists like pecans oh and modigliani i can't boards and sold inside this warehouse that's where the report comes in it covers up deals which are naturally discreet commercially discreet step but also discreet because they concern fraud. some of those paintings are linked to dark secrets nobody knows how many of these secrets

they kept inside the geneva freeport system you'll never obtain an inventory of all the works in the freeport who knows how many there are three hundred three thousand three hundred thousand is it a matter of confidentiality only is it the world's black box of the art business. q a q q three. q three q. three. q. three.

q three. q. thank you you thank . it will make this manufacturer too sensitive to the public will. when the ruling class is protect themselves. with the famous merry go round the sun be the one percent.

we can all middle of the room sick. room in the real news room. welcome back agribusiness giant archer daniels midland corporation or a.t.m. the supermarket to the world has posted first quarter profits and twenty eight teams of three hundred ninety three million dollars that's up three hundred thirty nine million in q one from the your every year to twenty seven team total revenue grew by more than half a billion dollars versus q one of twenty seventeen topping fifteen point five billion a.t.m. the starches and sweeteners operations were

a notable boon to the bottom line in light of plans to acquire camp tore a french manufacturer of wheat based sweeteners a twenty million dollar rebate also related to bio diesel added to their profits and while poor harvest that hits being producers that has boosted the bottom line for some processors including a.d.m. a.d.m. c.e.o. said quote we could see oil seeds achieve north of one billion dollars operating profits in twenty team there was no mention on the conference call with investors of the impact that the trade war with china could have on soybean experts which would surely. impact a.d.m. the u.s. accounts for more than twenty three billion dollars worth of global soybean exports a lot of those by a.d.m. the most of any nation. and catching up with the land down under australia's housing market seems to be cooling but it may be coming in for a soft.