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. the house is decision. the legal default is that 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 forward. and yet the house is being clear it will not commit to 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 lyft took place today here to help us understand what took place and give us some context and. the i.p.o. as we talk about all the time is christie i have counterpart x. welcome christy i now but look you're a former banker from j.p. and so you are an expert on these things and we appreciate you as spreading your wings for the show we know you do it all the time. ok so 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 is good or lift but put lifts i.p.o. in perspective to other i.p.o.'s sort of historically yes so this left i.p.o. 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 the last time we saw something like this was back in two thousand and seventeen so what we're seeing right now is all of these startups they're waiting to go public and i actually staying 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 allowed 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 ones we're keeping our eye out for pinterest over of course and also air b.n. b. is going to be another big one and so a lot of these are tech related. coming out. and you and i were talking just before

we went to air that the price is right at almost four o'clock with 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 in the hype goes is prevails over fundamentals but how i see it right now is lift is kind of trading at the upper end of the range from a right now because prices seventy two dollars this is a market cap of about twenty four point three billion so at a two point two billion dollars two thousand and eighteen revenue that gives us a love 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 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 lift by the way but we did a show i think was 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 poised 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 absolute. i think the right committee the market's very large so it could potentially be that there's going to be two at the very end it's going to be left so right now dominating it a little bit they're much bigger they own about sixty percent of the u.s. right sharing market place 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 but you know i go back and forth because i get upset with one for one reason or another so what do we have to look forward to one where they can do their i.p.o. so they filed the same day as the so they should be i.p.o. very soon but there are some key differences between these two that i find very interesting over is actually international they're much larger and they're also international they're also making a very big play into food delivery services and other moonshot projects such as

driverless driverless taxi cab service and left on the other hand they're focusing on the last mile transportation they're focusing on the scooter and the bike market and that entire commuting sharing ride experience you know though that even though they're the same they do have little different business models super interesting and so good that you of all people could spend the time with us chrystia co-founder and counterpart you of all people know about the big spread you have to be at the beginning to start a car kristie thank you what a joy to have us all that much. the members of the founding family a producer form of the sectors have been named as defendants in a lawsuit filed by the attorney general of new york leticia james beverly david johnston. richard and eileen circular 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 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 u.s.

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. tom selleck who is a character actor mainly police guys and magnum p.i. they're all pitching these reverse mortgages put 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 or at least they have it thank you thank you. 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 in 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 a 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 senior person sixty two years or older you know they do not want to sell the 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 they're 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 and what the loan to value ratio. 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 costs 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 something you really should be selling you know at two o'clock in the morning on a day is probably mercial 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 relatives. 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 cross 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 rachet right f.b.i. consulting thank you board 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 again 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 things look different we're going to announce sanctions against the troll is to venezuela so as you. say mr young looking. down a. little bit to see on the. whose story isn't new nixon called in henry kissinger to tell him that it would not be tolerated that 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 to make the economy of venezuela screed. breaks it killed joan. 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 has asked them to

remain until two currently vacant board seats are filled 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 pool. blisse city is bad publicity. 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 an advertising course we are a hot topic right now and we have revenue of one hundred billion a year if we have back doors then our customers from one hundred forty countries will stop buying our quitman and if they stop buying our equipment our company will collapse. 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 candidate 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 breaking up tech giants like facebook amazon and google the senator wrote quote today's big 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 as critical of big tech they might act before the u.s. would even attempt such a major overhaul overall joining us discuss this conservative commentator steve

malzberg and commodity trader tina rein welcome to you both we're pleased that you back steve let's start with you a what exactly did the senator propose. 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 as has criticized these big tech companies basically for privacy reasons but she's gone far enough 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 adam is would have to separate from the marketplace google from their ad search and google search setter and she wants to go after what she calls anti-competitive mergers like facebook's acquisition of whatsapp an instagram and amazon's

acquisition of whole foods so she has a two pronged plan and you know how would how receptive anybody would be i don't know but that's our plan. if we 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 some of this. so first of all of our like to say you know i don't think it's a partisan issue this is something that. actually they did a survey last year and fifty seven percent of democrats and forty four percent of republicans though said you know we need to look at the and have some regulation around it and if you look at that 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 brand 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 was allowed to 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 these small competitors they're not

going to chance to stand a great point 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 tropic ministration announced yesterday a lawsuit against facebook over alleged discriminatory advertising practices with regard to housing the fair housing act how does this factor or does it into senator warren's proposal. well i mean you know facebook on one hand is apologizing for revamping our white nationalism and on the day that they announced they're going to take white nationalists sites and all that kind of stuff out of their out of their platform the administration. and development launches a lawsuit as you mentioned yesterday against facebook and they said they were

surprised but they did admit i believe to discriminatory housing ads in other words the person putting up the house with the apartment could determine the demographic of the person who would see it the color the the race the sex you know it's just crazy stuff that you can do all if it's offline 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 trumpet ministration 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've put more regulations in place especially on issues that really affect the societal and packed the internet you know they've brought forth the right to be forgotten which is where you can ask to be information can be about you. are incorrect now we don't have that law here in the u.s. primarily because of our first amendment in the way of law they have. really forceful and putting these regulations in place and i think that they will. that's a great answer and steve you have 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 that 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 some part of the divides just because it's the you know we call it the silly season in both your time tina rain and steam allsburg or a fascinating discussion thank you both for your expertise thanks or i. can't 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 a day or streaming twenty four seven on pluto t.v. you know that's a 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 r.t. so long for now see the x. time.

to nominate someone small place don't they couldn't put in there but the one that brought up the influence. of the new one so to see them. was up. next i think that's. she was even. going to go british were stuck on a bender. i mean the guards. don't want any of the.

federal 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 leverage than lehman brothers or bear stearns ever was they're the most leverage hedge funds that we've ever seen in the history and hedge fund skullduggery but it doesn't matter because they can print and buy back their own debt in an instant cycle profitless prosperity and then one day like wiley coyote over the cliff chasing the road runner there's that moment of recognition and then oh oh oh oh oh oh oh oh there you go it's all over. is a 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 faithfully implement from the inside venezuela things move different we're going to announce sanctions against petroleum's to venezuela associate. famously have a supplement. moved out of that political battle scene on the keep the magic of the moment focus the whose story you makes him hold in henry kissinger to tell him that he 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 to make the economy of venezuela screed.

seems to do crack when i was a little kid. he was like oh. so you know like what i needed when i was a baby boy. there's always been single mothers in african-american communities ever since slavery. i think it's more of a teenagers having kids. you can't expect a fourteen or fifteen year old first daughter to order for him to be a far there any check out. the last place on. my car and breaking down i was unable to get to work on time so they let me get my paycheck that i bring home i have enough to pay my car insurance.

so. bruised. my problems to trees amaze deals defeated taught to believe in the u.k. exposed to a no deal divorce maybe in just two weeks to. the us administration is it talks for the sanctions. from russian troops to

leave the south american country. seven palestinians are wounded in a fresh. on the israeli border crowds gathering there again we hear right now the young players.