and, here's what the president's lawyer, the solicitor general, donald pirelli told the court in defending the mandate. >> not only is it fair to read this as and exercise of the tax power but this court has an obligation to construe it as and exercise to the tax power if it can be upheld on that basis. >> chris: if it looks and quacks like a duck it is a duck. >> chris, it has been a long time since i practiced law and one thing about our judicial system, you can make argument to the court on multiple grounds. that is what don was doing, there's a lot of ways to look at this and it was set up and it was not called a tax but there are powers congress has and you can justify a law under multiple ways, the court took that route and it is a penalty, defined as a penalty under the law and something people choose, whether or not to be subject to. most americans want health insurance. 99% of people will take advantage of the fact that they have affordable coverage that can protect their families. for the 1% that choose not to have insurance, they don't control whether they are going to be in an

and pirelli is focusing on it. the results today. at the premium end it's also making money. we spoke about how luxury goods are troubled in china. it would appear that if you actually sell goods right at the top end of the market like louie vuitton market. and, here they have 157 organic growth in china. this isn't tiffany. this isn't burberry. >> this is gucci just to put it -- i think most people don't know ppr. they know gucci. those at the top end are still making money. don't confuse it, as i said, with a tiffany or burberry which is still the middle market. >> completely understood. >> these are big moves. >> they are, they are. >> maybe something will happen over the weekend. important price action there. all right. let's check on gary kaminsky. >> hey, melissa. i want to chat about europe in a second. i know you wanted to see the numbers. take a look at how much money. here we go. there you go. $50 billion. $57 billion taken out of investors' pockets transferred to the proceeds on the ipos. let's talk about europe. simon does such a great job every day detailing what