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no one does a better job surveying ceos than the accounting firm deloitte. cfo program is sandy cockrell, joins us in a fox business exclusive to discuss exactly what they found. sandy, thanks for coming. first of all, what kind of companies are you surveying? >> these are the country's 100 largest companies, multinationals that trade around the world. david: there is optimism, particularly about internals. everybody is getting tight and good at cut cutting expenses. there is pessimism about sales growth. explain. >> what the survey said, cfos are forecasting 4.1% year-over-year sales growth. that is actually a survey low. we've run the survey four years, 15 quarters and that is the survey low. david: this is the smallest increase, there you see it, number three on that list there, sales growth, 4.1% but incredible thing that earnings are twice thaa. how can you double earnings of sales growth. >> great point. that is the trend. last few quarters of the survey. what we found is that the revenues have continued to pretty much flatten out but earnings have act

restructuring services partner with deloitte.e good news or is it just that we have seen so many weaker retailers go bust in the cycle already? we have seen a rebalancing of supply and demand in the last few years. major retail insolvencies have store closuresnd amongst them, that has rebalance supply, it is not that consumers have more to spend. there are fewer outlets to spend in. >> talking about the balance between distressed companies and insolvent companies. is struggling, and solvent may be a sign of insolvency may be a sign of distress. they can be extracted from distress by restructuring or through an insolvency process. insolvency is typically a sign of distress. on thehave worked closures of a number of big names on the u.k. high street. what problems do you identify when you go in to sort things out? how do they get into trouble? did they fall out of favor with the consumer or was it something about the way they ran business? >> each case is different. if you take blockbuster, there ores, the market had shrunk rapidly

all of the auditors play important roles you know auditing government agencies like the fed were deloitte is in charge like the treasury where k.p.n. g. is in charge and the tarp program which peter b. a c. and ernst and young got lucrative contracts after the crisis to try to help clean up now can you give me a specific example of the types of transaction issues you're referring to. well let's look for example goldman's. enough global peter b. a c. was fully aware of weaknesses in their systems and weaknesses in their ability to control the transactions that corazon started doing he really pushed that company way beyond its core way beyond the kinds of things that it was really in business for but investing in sovereign debt and peter you see never raised any kind of concern about the weak internal controls or the we corporate governance corps and was trading on behalf of the company while also being chairman and c.e.o. and one supposed to be keeping an eye on everybody else now after the enron and world com scandals sarbanes oxley that was supposed to hold c.e.o.'s and c.f.o. as account

or price waterhouse cooper or deloitte ernst and young who work for the government if they actually handed them a piece of paper with honest accounting not arthur andersen enron accounting which they're all still guilty of perpetuating but they did a really counting what the housing stock is really worth on the balance sheet of these four banks then the government would have to close these four banks because those four banks the big four banks in the u.k. are technically in solvent they are only still breathing by an accounting trick called mark to fantasy or mark to model that these bonds these mortgage bonds and these house prices are somehow at these inflated prices because of the continued money printing by the central bank they say you could never look at the actual price on any given moment just look at the flow just look at the flow it's a it's a whole a gram per but you waited by money flow and that's how we do our accounting and here give us a big fact check so we give you this essentially cooked the books because we're also in on the fraud the big four accounting firms and the bi

in its generationing about is a chart that deloitte online.early 80,notes that generation y is nearly 80 million strong and generation will buy 40% of new cars by 2020. ages 19 to 36.re they'reey notes that three times more likely than their parents to abandon car costs escalate according to that deloitte survey and more than half of said they expect to drive a vehicle with an alternative engine such as a hybrid electric. go to j.r. in woodlawn, .ennessee caller: i believe it's still one of the best in the world, it's as what itt what s used to be. have hurt theions car industry. you go buy a brand-new car today and it costs almost as much as brand-new house costs you, and not quite, but very close to it. and so i believe the unions are the main reason why a car costs .o much i believe that the idea that ford didn't take a bell out but the others did -- a bailout, yet the others did, is pretty amazing. and i think that people ought to be asking that. g.m. took a bailout and they to have one,ght well, why, information didn't get one. you.at's m

list.u can go down the deloitte. martin.d ford motor company. hill?rked on capitol guest: yes host: it goes on to goldman and united parcel service all of this coming in to the ways and means committee. does it work? guest: when you think about it talking about trillions before and now thousands. these are very small amounts of money. just tokens of appreciation or respect to the chairman. i really don't think they influence him in any major way. what -- from where i i think there is too much mphasis on the influence of contributions and not enough on lobbying. that is many multiples. host: what is the difference getting a check in the mail and lobbying? me just -- most tax issues -- there are tax see on television all the time. what is the rate. and there is partisan politics. and that is what usually dominates the headlines. that is only the upper crust of what is going on with tax policy. beneath the radar we have hundreds of issues in every tax are technical, that at the staff level, that are -- you have to hire these al lobbyists to do types of t

of deloitte touche, north america, michelle coleman mayes, currently the general counsel at the new york city public library, had been all state general counsel and a number of other fortune 500 companies for a number of years. and brian britton, who when he started on the commission was i'm going to get the title slightly wrong, but he was the guy who ran theme parks for disney because if you're going to mess around with lines, you ought to have a guy from disney there. i should say that brian's best line of the whole commission was after we were talking about long lines and polling places, he just kind of shakes his head and goes, "you mean, they don't even have a concession stand when you're done?" [laughter] so we sort of got to mix both professional expertise and a bit of humor in this. where we came at the commission from is bob and i have a somewhat checkered history for a lot of years in beating each other about the head and shoulders from opposite sides of various political wars. not least among them, recounts. and recounts were particularly instructed to me. and i think to bob

we caught up with one of the big thinkers over at deloitte. he is the head of tech, media, and telecom. he said, we get this idea that they will start dropping cable subscriptions. 50 million people out there will have two or more paid tv subscriptions. we are going to double up, if not triple up. which sort of blew my mind. and then we had a chat which said the cable operators need to get together. you need to have consolidation to deliver efficiency. back to you. >> thank you very much indeed. shares are falling even though the internet-only retailer posted sales that beat estimates. why the selloff? the share price has gone up quite recently. >> 150% in the last 12 months. the story continues. high-speed is dead. long live the internet. it is about positioning. a company with no exposure to high street has seen sales jumpingnd asos keeps over them. >> that is a one-year chart. >> that makes it a bit more special. and that is the point. yesterday, the shuttering of the high street, a big part of the retail establishment effectively walking a

in its generationing about is a chart that deloitte online.early 80,notes that generation y is nearly 80 million strong and generation will buy 40% of new cars by 2020. ages 19 to 36.re they'reey notes that three times more likely than their parents to abandon car costs escalate according to that deloitte survey and more than half of said they expect to drive a vehicle with an alternative engine such as a hybrid electric. go to j.r. in woodlawn, .ennessee caller: i believe it's still one of the best in the world, it's as what itt what s used to be. have hurt theions car industry. you go buy a brand-new car today and it costs almost as much as brand-new house costs you, and not quite, but very close to it. and so i believe the unions are the main reason why a car costs .o much i believe that the idea that ford didn't take a bell out but the others did -- a bailout, yet the others did, is pretty amazing. and i think that people ought to be asking that. g.m. took a bailout and they to have one,ght well, why, information didn't get one. you.at's m

and then we also had a really great vendor in deloitte consulting that truly sent their "a" team to thegame with us. we established an advisory board. our advisory board was made up of all the stakeholders. as i'm sure it happened in the other states as well. one of the stakeholders, i want to point out, it's had varying degrees of success in other places around the country. the insurance agents have been really, really involved in kentucky. and we have over 2,000 agents that have become certified on the exchange and are helping both small business as well as individuals get signed up. and clearly they -- even though they still of course receive an insurance commission, when they help people sign up for medicaid and helped walk them through, they don't get anything for that. and so a lot of the insurance agents that are in lower income neighborhoods and communities where a lot of people that are uninsured would qualify for medicaid versus one of our qualified health plans, they have been really terrific in helping them as well. and of course we have what we call connectors. those are na

we also have three folks from the private sector with us, joe edge of their out was the ceo of deloitteorth america. michelle coleman mays's currently the general concert in new york public library and allstate general counselor in another -- number of fortune 500 companies for a number of years and brian britten who when he started on the commission, and going to get the title slightly wrong but he was the guy who ran theme parks for disney because if you are going to mess around with lines you ought to have a guy from disney. i should say that brian's best line of the whole commission was after we were talking about long lines at the polling places he just kind of shakes his head and goes you mean they don't even have a concession stand when you are done in? [laughter] so we sort of got to mix both professional expertise and a bit of humor in this. so where we came at the commission from is bob and i have a somewhat checkered history for a lot of years in beating each other about the head and shoulders from opposite sides of various political, political wars. not least among them reco

you heard from audrey the shout-out to the team they had the deloitte and also drawing on the experience of the state's medicaid department in standing up i.t. systems. but you heard, again, across the board a common theme in i.t. you also heard a common theme in sort of understanding the customer. and what the particular different sets of customers needs and desires were. both in terms of functionality of websites, you heard mila talk about people wanting to be able to reset their usernames if they forgot it like most of us always do. et cetera. so common themes of finding out, learning as they go, about the challenges that arise, and adapting to them. and essentially, of very clear story here that these challenges can be overcome, and surmounted, and that a lot of people are in the end getting coverage as a result. so with that, let me take the moderator's prerogative to just ask one quick question and then we'd like to open it up to all of you here in the audience. want to come back to christy's statement that one of the learnings here has been that there still are issues in the actua

joe was the ceo of deloitte to north america and michelle coleman mays is the general counsel of the new york city public library and allstate general counsel and a number of other fortune 500 companies for a number of years and ryan britain who when he started on the commission, i may get the title slightly wrong but he was the guy who ran theme parks for disney because if you are going to mess around with lines you have to have a guy who does that i should say that brian's best line of the whole commission was after we were talking about long lines at the polling places he just kind of shakes his head and goes you don't even have a concession stand when you are done? >> so we sort of got to mix both traditional expertise and a bit of humor with this. so where we came at the commission from is bob and i have a somewhat checkered history for a lot of years and beating each other about the head and shoulders from opposite sides of various political wars. not least among them recounts and recounts are particularly instructed to me and i think to bob in this process because when you go

of deloitte tough north america, coleman mays, cornily the general counsel at the new york city public library, had all state general counsel and a number of other fortune of companies for a number years. and brian britton, who when he started on the commission was -- i'm going to get the title slightly wrong, but he was the theme parks for disney because if you're going to mess around with lines, you from disneye a guy there. i should say that brian's best line of the whole commission was after we were talking about long polling places, he just kind of shakes his head and goes, "you mean, they don't even concession stand when you're done?" [laughter] so we sort of got to mix both professional expertise and a bit .f humor in this where we came at the commission have a bob and i somewhat checkered history for a beating eachin other about the head and shoulders from opposite sides of political wars. .ot least among them, recounts and recounts were particularly instructed to me. this think to bob in process because when you go through a recount, you see that has someion system real flaws