while we had a great show coming up. lift to zoom past across the i.p.o. finish line starting creating aud nasdaq today kristie are the co-founder of counterpart x. hops behind the wheel to steer us through the huge stock of what happened today plus our reverse mortgages as controversial as they used to be boris rashard of f.b.i. consulting lends us a hand to break down the dicey practice and finally that was a mistake and i'm sorry for. how many times have we heard that from a major tech c.e.o. and that begs the question when it comes to detect how big is too big and should the government or other government take action to break up their market shares steve laws for a container rain will log in and crunch the data on a big check to see if the u.s. will follow in the digital footsteps of the european union all that in our sights but first we had right some headline let's go. on the day when the united kingdom

was supposed to leave remember today the twenty ninth european union british lawmakers rejected prime minister teresa mayes proposed brecht's an agreement for a third time this time the vote was three forty four to only two eighty six stakeholders now have until april twelfth to avoid the dreaded no deal brecht's it prime minister addressed the house of commons after the vote. of the house's decision. the legal to pull out is the united kingdom is due to the european union on the twelfth of april in just fourteen days time that is not enough time to agree that just late for wondrous if i had to and yet the house is being clear it will not commit to anything without a deal and so he would have to agree an alternative way forward. what a mess the long awaited public offering a right handling company lift took place today here to help us understand what took place and give us some context on a new public offerings the i.p.o.'s we talk about all the time as christy i have

counterpart and. welcome christy i know today we get to talk about something other than crip those we love talking about block and grip those but look you're a former banker from j.p. and so you are an expert on these things and we give us a little bit of historic perspective on i.p.o.'s and generally this one has been long anticipated whether or not it was good or lift but put lists i.p.o. in perspective to other i.p.o.'s sort of historically yes so this lift i.p.o. is so exciting they priced at seventy two dollars on thursday evening and raised two point three billion dollars and that's a huge number within the star community right now is all of these startups they're waiting to go public and are actually staying private a lot longer this is because they have way more access to capital and access to the seeds that previous companies in previous generations they haven't seen before and this allows them to become more mature so that's why you have all these start you know parts that are coming out and two thousand one thousand is slated to be one of the biggest the ones we're keeping our eye out for pinterest over of course and

also air b.n. b. it's going to be another big one and so a lot of these that are tech related. coming out. and you and i were talking just before we went to air the price right almost four o'clock was like eight hundred fifty. yeah and so they upped their forecast and then it even exceeded that forecast intraday they were trading i think you were telling me eighty seven dollars exactly twenty percent higher just like snap chat was at a trade and a high of forty four on their i.p.o. as well so let's talk a little bit about lift as a company i mean is this a place i know you're not an investment advisor you don't profess to be and that's a little disclaimer at the bottom here but what do you think of the company i think right now we clearly have momentum at play and sometimes the market is irrational and the hype goes is prevails over fundamentals but how i see it right now is live just kind of trading at the upper end of the range from me right now because prices

seventy two dollars discusses the market. about twenty four point three billion so at a two point two billion dollar two thousand and eighteen revenue that gives us and eleven and a quarter trailing revenue multiple and that's pretty high so even if we play conservatively and we use their q four numbers that still puts us about nine point one times multiple and that's tremendously high and that to me live very little upside this means that they have in the short term and this means that for two thousand and eighteen and two thousand one thousand they will have to perform perfectly and even exceed expectations because right now being at the upper end of the range this means that they're expecting everything to be priced and they're expecting the best case scenario we've seen in this area you know right hailing totally disruptive to taxis and they've had to spend and not just on the lift by the way but we did a show i think it's less september october and looked around the world there's like thirty different companies all over the world doing this sort of stuff but remains

the largest but. they've had to spend all sorts of money you know battling the tech security commissions and medallions you know you are there is a lot of spin right gold going on now so it might not be a short term ploy for average investors but if you're looking for like an old blue chip like an i.b.m. back forty years ago do you think this might be a place absolutely and hold absolutely i think the right community the markets very large so it could potentially be that there's going to be two at the very end it's going to be over and left so right now dominating it a little bit they're much bigger they own about sixty percent of the u.s. right cherry marketplace whereas the left right now currently has thirty they are growing faster than over and that kind of plays into why they attain such a high multiple of nine point one it seems to me it's going to come down to service too because the price is about the same with one for one reason or another so what we have to look forward to one where they can do their i.p.o.

so they filed the same day. so they should be i.p.o. very soon but there are some key differences between these two that i find interesting over is actually international they're much larger and projects such as driverless driverless taxi cab service and left on that entire commuting sharing ride experience. though that even though they're the same they do have little different business models super interesting and so glad that you of all people could spend the time with us chrystia co-founder of counterpart you of all people know about the big spenders you have to make at the beginning with start up like christy thank you what a delight to have us all how much. eight members of the founding family of purdue form of the sectors have been named as defendants in a lawsuit filed by the attorney general richard their recent and eileen sackler look court were personally named in the suit or attorney general james james alleges the family conspired to move funds out of produce into offshore companies

including one called rhodes in order to shield their or norma's profits from expected damage claims over the deadly painkilling product the suit adds drug makers including allergen endo johnson and johnson and a previously filed suit that directly targeted purdue the suit also names drug wholesalers including amerisource bergen cardinal health mckesson and rochester drug charging the companies with deliberately subverting monetary requirements including by firing employees who flagged suspiciously large purchases. so i remember watching these things called reverse mortgages for a long time and first it was the character actor fred thompson who incidentally used to play president but then he actually became

a us senator. and then the new pitch person after that was of all people fonzie henry winkler the actor and now you'll see him out there the famously mighty mistake tom selleck who is a character actor mainly police guys and magnum p.i. they're all pitching these reverse mortgages but some regulators financial regulators aren't so possed by the reverse mortgages they think they're prone to fraud and abuse so our reverse mortgage is a good or a bad thing here discusses boris rashard of f.b.i. consulting welcome back orthe please to have it thank you thank you have me on thank you so. you know your you've looked at mortgages you've helped us out on a bunch of thing crip those housing we really appreciate it. but what do you make of these things first of all i guess how do they work. short well number one is not a small market i mean there are about fifty six billion of those outstanding six billion about fifty six billion about three hundred thousand you know loans you

know the market goes in very well with a new show boom and bust because the reverse mortgages boomed in two thousand and six two thousand and nine but they have been on decline and over the past five years probably so the way they work they're basically the reverse of the normal or what's called for with the mortgage and ford mortgage you're making monthly payments you borrow the money in the reverse mortgage here in the united states called home equity conversion mortgages and they're most they're guaranteed by the f.a.a. f.h.a. the federal housing administration basically that's the way forward to tap the equity in their home so if a senior person sixty two years or older you know they do not want to sell a house but they want to tap the equity and have additional income may pay all of their small existing mortgage they agree to borrow money from the lender and they get actually instead of paying monthly payments they are getting disbursements in different shapes and forms of a signing over the title when they do this one though they're still there still

considered to be the owners so basically you know that they are receiving either. periodic payments or they can be drawing the line of credit which is the most prevalent product right now into reverse mortgages so and at the end of the day because those payments they receive a crew at a certain interest rate at the end of the day when they die when they move out of the house when they sell the house. so all the activity gets transferred effectively to the lender and the lender sells the house and what the borrower can keep is the residual between the value of the house at which it was sold and the. principle of their debt obligation and. the homeowner the person is getting the payment they're still paying the taxes and all that stuff but let me ask you so why is. that in the fact that you know these are late night television infomercials and people get freaked out about those things in general why would the consumer

financial protection bureau and others be concerned about this and saying that it's a potential for fraud abuse well it's basically a relatively complex product so you know there are there are quite a few conditions you know you have to be residing in in your own residency so in addition to that you have to be paying taxes you have to be paying hazard insurance you take on the obligation to make the mortgage pay a mortgage insurance payments so on like in a regular you know low l.t.v. mortgage where you don't have to pay the mortgage insurance here you have to that's your obligation to tell to the loan to value ratio so relegated to the value of the house so payments come in different shapes of form that could be some distribution that is certain types of reverse mortgages that could be the lines of credit where you draw the line as you see fit in addition to that there are all kinds of origination cost third party closing costs there is a servicing fee that gets added to the interest on the a loan so it's

a relatively complex product and given that most of the reverse mortgages right now are adjustable rate products so you also have to be cognizant of the fact that your interest rate varies with the short term rates of the one months liable or or don't you know treasury rates so therefore to the extent that there are multiple parties involved in the structural characteristics i fairly complex you know you have just something you really should be selling you know at two o'clock in the morning on it as rob marshall you need you need and i read someplace that goes to we're running out of time but there are other places that uses i read in canada that you actually require some legal review to make sure that these are ok but are reverse mortgages use other places around the world they are so they're actually booming in the u.k. they call equity release market so it's booming in the u.k. because of property you know values are appreciating they're also relative. popular in australia and in fact in australia you know there are the worrisome news about the lack of consumer education on the features and pitfalls in the product so there

were multiple instances of unfair pricing and inadequate education that's why here in the united states there is a mandatory counseling that the borrower has to go through before he you know the family the senior citizen in really be able to take on that particular mortgage the problem is that again there are different types of fraud or abuses that are possible there are possible abuses by the lenders that could be inflated appraisals you know they could be crossed selling a product you know where you take other verse mortgage but then you're convinced to invest the proceeds into some insurance right right plus you've got some of these are in different states you've got state laws to deal with boras ryssdal right f.b.i. consulting thank you boris sure appreciate you i mean as always thank you. time now for a quick break but hang here because when we return when it comes to tech how big is too big and should government take action to break them up steve walls bergen teetering will walk in and crunch the data on big tech to see if the u.s. will follow the digital footsteps of the european union and as we go to break here

the numbers at the closing bell will be back in a flash. the tense situation in venezuela is still all over the news the problem in venezuela is not that socialism has been poorly implemented but that socialism has been fully implement inside venezuela saying this is different we're going to announce sanctions against the truest of venezuela. as you. famously have a sound of a moment to. get out of that. data to see on the.

moment that the who story isn't new nixon called in henry kissinger to tell him that it would not be tolerated in latin america. an alternative economic and social system could take hold and therefore the policy would be to make the chilean economy scream so wants and making the economy of venezuela screed. the reserve bank the european central bank the bank of england the bank of japan they are fifty sixty seventy percent leveraged. much more leverage than long term capital management ever was much more levers and lehman brothers or bear stearns ever was there the most leverage hedge funds that we've ever seen in the history and sun skullduggery but it doesn't matter because they can print and buy back their own in an instant cycle. profitless prosperity and then one day like wiley

coyote over the cliff chasing the road runner there's a moment of recognition and. there you go it's. brisk for a single purpose. of. training very young. the months of intensive school. reps. and so you save lives. and welcome back three board members of the mexican state oil and energy company

p.m.x. have resigned they've resigned over differences with president andras man molo pres obrador on low on how to reform the company the wall street journal reports the trio plan to leave the board within weeks while the government is asked him to remain until two currently vacant board seats are filled to avoid the appearance of turmoil mr lopez obrador took office on pledges to boost production and refining capacity and reduce mexican reliance on imported gasoline as we reported on low has committed to five point five. billion dollars to get pm access finances back in the black the departure of the board members would give onload the opportunity to replace all five appointed members of the board the remainder of the ten person board is filled by ex official members from the president's cabinet. and despite a u.s. led campaign against china base while way we spoke about it many times the shans and base company profits they actually increased by nearly nine billion dollars

last year the company's sales didn't quite hit their initial forecast but still rose by nineteen point five percent to one hundred five billion dollars while wall way sells more telecommunications equipment than any other provider worldwide growth of their smartphone business is now outpacing that of samsung and apple who have dominated the market for years the tech giant said friday last year's earnings grew by twenty five percent to fifty nine point three billion yuan that's about eight point seven billion u.s. dollars earlier this month while way founder ranjan fi i spoke on c.t.v. about the idea that no publicity is bad publicity. and i think we should have paid them for the advertising campaign because while ways never been so lamest in the world when they're advocating in advertising for us we are a hot topic right now and we have revenue of one hundred billion a year if we have back doors and then our customers from one hundred forty countries will stop buying our equipment and if they stop buying our equipment our

company will collapse in as while way sees increased revenue and sits on the cutting edge of five g. technology numerous national security agencies including that of germany and the us and now the u.k.'s national security center have raised concerns over vulnerabilities in implementing five g. using huawei technologies. at one time or another we've probably heard the cry break up the big banks well if one prominent democrat presidential. mandate has her way that may be replaced at least temporarily with break up big tech in fact massachusetts senator elizabeth warren has unveiled a plan to do just that by bringing up tech junk tech companies have too much power too much power over the economy our society and our democracy they have bulldozed competition and used our private information for profit and tilted the playing field against everyone else and in the process they have hurt small businesses and

stifle innovation but what about europe they have been equally gets critical of big tech they might act before the u.s. would even attempt such a major overhaul overall joining us discuss is conservative commentator steve malzberg and commodity trader tina rein welcome to you both we're pleased. well you know that also you could add apple to that list she would have to choose between building apps and having the app store just about every democratic presidential candidate you know is has criticized these of big tech companies basically for privacy reasons but she's gone far and above she has a two part plant one legislatively if you're a company making more than twenty five billion dollars worldwide and you offer an online marketplace you'd be classified as a platform utility and you'd be broken apart from any participant on that platform amazon would have to separate from the marketplace google from their ad search and google search her and she wants to go after what she calls anti-competitive mergers

like facebook's acquisition of whatsapp and instagram and amazon's acquisition of whole foods so she has a two prong plan and you consider the market share of search engines worldwide google certainly owns the space outright ninety percent being yahoo the others aren't even really competitors but tina you've been pretty harsh on holding the big tech companies feet to the fire what do you make of the proposal and what do you expect with regard to and i trust the experts of this. so far some of our i'd like to say i don't think it's a partisan issue this is something that actually they did some survey last year and fifty seven percent of democrats and forty four percent of republicans said you know we need to look at the some have some regulation around and if you look at the issue it's not what is true capitalism capitalism is innovation competition

and privacy and i understand you know steve's comment about privacy that is an issue that really kind of looking up a lot of what about the competition is this really a competitive marketplace i mean look at amazon they actually take products from amazon marketplace and they recreate those products and they brag. them as their own and then now they're competing against their competitors that they have on their own online marketplace this pushes the smaller guys out and also in terms of innovation i mean when these companies get so big there's no room for innovation if you look at speaking of antitrust if you look at microsoft back in the one nine hundred ninety s. the antitrust suit from microsoft apart and that's really what allowed innovative companies like google like facebook to emerge so this really stifles innovation when these companies get so big that they can control the space also just in terms of innovation v.c.

funding for tech startups has now essentially dried up and that's because they know the big companies are going to swallow up these small competitors they're not going to chance to stand. great points steve we spoke about the larger search engine market share with google but we look at market share of social media facebook is also far and away the largest player about fifty three percent of the market so steve the trumpet ministre should announce yet the practices with regard to housing the fair housing act how does this factor or does it into center warren's proposal . well i mean you know facebook on one hand is apologizing for revamping on white nationalism and on the day that they announce how they're going to take white nationalists sites and all that kind of stuff out of their out of their platform the administration had. been devised but they did admit i believe

to discriminatory housing ads in other words the person putting up the house of the apartment could determine the demographic of the person who would see it the color that the the race the sex you know it just crazy stuff that you can do all if it's all fly now they thought they settled all this with the a.c.l.u. who first sued them and they did but the trump administration is going after them as well i think only reinforce you know elizabeth warren outrage her outrage even though i disagree with most of her outrage i think anybody would be outraged at this. i look for any chance i can get and they are few and far between but i want to commend the trump administration for that action i think it's a good good thing for then eighteen and let's discuss europe a little bit you know they have been out there they did their g.d.p. are they're tough on tech companies too but you think they may move first on this or do you think it's really just talk around the edges what are your thoughts. i

think they will move first on this they have been tough on tech companies and they have put more regulations in place especially on issues that really affect the societal and the internet you know they brought forth the right to be forgotten which is where you can ask to be removed information can be removed about out of our first amendment gets in the way of law they have been really forceful and putting these regulations in place and i think that they will move on it. that's a great answer and steve gave a comment on that very quickly yes i think they're afraid i think they resent the american dominance of the internet there's a great piece of bloomberg about this but they know that they'll incur the wrath of trump and probably other politicians as well and have to answer with tariffs and other penalties if they dare to go ahead and move on these companies and break them up i don't think it will sit well in washington and i agree with tina you know the

shouldn't really be a partisan issue but look it was put out in the midst of senator warren's presidential thing and not that she's a newcomer to this issue so i think there unfortunately will be some part of the divides just because it's the you know we call it the silly season here right so it should be partisan but i think it's probably going to be boy we appreciate both your time tina rain and steam allsburg fascinating discussion thank you both for your expertise. thank you i. can thank you that's it for this time you can always catch boom bust on direct t.v. channel three twenty one dish network channel two eighty or streaming twenty four seven on pluto t.v. you know that's the t.v. app the free t.v. at channel one thirty two or as always you can hit us up at youtube dot com slash boom bust party so long for now see that time.

the great tragic comedy known as russia gate is slowly becoming part of history the resistance continues to resist trump like clearly the president has the wind at his back now is a time for a great awakening what are the lessons to be learned in can the liberal media was conquered from this fiasco. after the previous stage of my career was over everyone wondered what i was going to do next the multiple different clubs on one hand it is logical to go from fields where everything is familiar on the i want to the new challenge and the fresh perspective i'm used to surprising. or not if you think. i'm going to talk about football nazi or else you can think i was going to go.

by the way what isn't the. most i don't they couldn't put them in the muslim on muslim problems you know they have done so because. i think. she really was you me and. my. family. i mean.

third time on like if i'm a british lawmakers roundly reject the prime minister's last ditch attempt to force a divorce deal through parliament. u.s. secretary of state claims russia has interfered in every u.s. election since two thousand and four. and a german rock band of ramstein faces a huge backlash for the group's controversial depiction of the holocaust in their new singles video we discussed the reaction from the public and israel.