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. the house is decision. the legal default is the united kingdom is due to the for europe to agree that just late for one. and yet the house is being clear it will not commit to the deal and so we would have to agree an alternative way forward. what a mess a long awaited public offering a ride handling company lift took place today here to help us understand what took place and give us some context on. the i.p.o. as we talk about all the time is christy i have counterpart x. welcome christy i now 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 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 was 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 seven school 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 v.c. that previous companies and 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 cards 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. it's 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 a rational in 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 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 times multiple and that's tremendously high and that to me lives 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 lift by the way but we did a show i think is 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. ojt 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 to 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 left so right now dominating it a little bit they're much bigger they own about sixty percent of the u.s. where 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 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 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. 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 of counterpart you of all people know about the big spenders you have to be at the beginning to start a car kristie thank you what a delight to have us all how much. members of the founding family have produced form of the sectors have been named as defendants in a lawsuit filed by the attorney general of new york which should james beverly david johnston. richard 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 road. in order to shield their or norma's profits from expected damage over the deadly painkilling product the suit adds drug makers including allergan endo johnson and johnson and a previously filed suit that directly targeted purdue sued also names drug wholesalers including amerisource bergen cardinal health mckesson and rockets 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 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 forth pleased to have it thank you think of me on thank you so you know you're you 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. number one it's 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 and very well with an area show boom and bust because the reverse mortgages boomed in two thousand and six two thousand. 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 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 for a borrower 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 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 what are they signing over the title when they do this

when they're still there still considered to be the owners so basically you know there they are receiving their. periodic payments or they can be drawing the line of credit which is the most problem product right now in the reverse mortgages so and at the end of the day because 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 the accumulated 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 it 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. 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 a mortgage insurance here you have to that's your obligation what's a 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 a 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 your 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 month's 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 it is probably more show 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 it's booming in the u.k. because the property values are appreciating they're also relatively popular in australia and in fact in australia you know there are the where recent 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 are really going 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 . 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 or in different states you've got state laws to deal with boris right f.b.i. consulting thank you boris sure appreciate it i mean as always thank you. by now for a quick break but hang in 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 log in and crunch the data on big tech to see if the u.s. will follow the digital footsteps of the european union as we go to break here the numbers at the closing bell be back in a flash. to

get. them on the sounds of a. grown man. who did a kind of lunge for the web. i never saw any contact with. any kind of back to where they were back here again fifteen feet apart at this point and. he's gone. federal reserve bank the european central bank the bank of england the bank of japan they are fifty sixty seventy percent leveraged much more long

term capital management ever was much more leverage than lehman brothers or ever was the most. ever seen in the history. but it doesn't matter because they. cycle of prosperity and then one. over the cliff chasing the roadrunner there's a moment of recognition and. there you go. i mean more do good is an outstanding person because he took on the most powerful agency in this county or you'll be to stay if you look at it from a book. mark was the day that when he was five. going to be in the sheriff's most contentious critically is the first time i

noticed something wasn't in fleece were pretty much when i first started the corruption in palm beach county is not something that you can smell. it's. a wink it wasn't what i wanted to do. we've had more shootings in this county then some states have had collectively. this website began featuring. the sheriff's wife and. squash. you know we should stop then you should say and i'm left with i believe what i'm doing oh so it's ok you know it's your funeral. critic house. i snuck out of the united states. into russia. political front. and then they know as bad wolf.

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 andress manimal lopez 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 him to remain until two currently vacant board seats are filled to avoid the appearance of turmoil mr lopez also can 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 x. 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 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 rangi. five 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 way is going through a mess in the world when they're advocating and 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 then our customers from one hundred forty countries will stop buying our equipment and if they stop buying our equipment our company will collapse. as weiwei 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 bringing 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 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 the participant on that platform amazon would have to separate from the marketplace google from their ad search and google search setter and she what exactly is issue 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 the experts of this. so far some of our i

like to say you know i don't think it's a partisan issue this is something that actually they did some a 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 brand them as their own and then now they're competing against their competitors that they have on their. and 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 tried up and that's because they know the big companies are going to swallow up these small competitors they're not going to chance stand a great point steve we spoke about the large 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 or 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. 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 or 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 the. if you can't 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 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've 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 not 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 but 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 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 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 what a fascinating discussion thank you both for your expertise. thank thanks for. and

thank you that's it for this time you can always catch boom bust on directv channel three twenty one dish network channel two eighty 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 party so long for now see that time. smoke why don't they couldn't put them in their mug them up on the rim or are the ones who know them better than us so because of sensitive.

nature that they had that. she was even a. gentleman but from the sun on my book you go to the british of course that's one of them. i mean. if you. take. desperate for a single purpose. they have a super. star training very young. they've months of intensive school.

wraps. and they save lives. 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 implemented for the inside venezuela things look different we're going to announce sanctions against petroleum to venezuela associate. in the school of a son of the moment to. get out of that political. move to keep the mob. the focus 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 to make you economy of

venezuela schoolies. prime minister the reason mazie you divorced feels defeated for a third time leading to fears of a disorderly exit from the block in just two weeks. two people shot dead according to palestinian health officials as thousands rally along the perimeter fence between gaza and israel mark one year since the beginning of the gregs march of protest. in the u.s. threatens russia with further.