you illustrate the story of instagram versus kodak and a lot of reviewers go to that. i don't know if it's a standout example that it is. or the fact that others do it. in the very same year that kodak declared bankruptcy instagram was sold for $1 billion, and the billionaires created on instagram, seven versus kodak's one, were 10 times as rich as george eastman ever was. clearly the pie is getting bigger. there's a bigger pie. the issue is distribution. you have ideas about that in your book. >> this example illustrates characteristics of technologies different from the past. digital goods can be copied, zero cost and distributed around the world easily. the characteristics are different, creating a winner take all markets. a small group of people conserve the market. it creates millionaires and billionaires. it doesn't lead to mass prosperity for all the people doing related jobs. we need to make changes in the way we make our work. we need to invent new industries and changes in the tax structure to encourage the widespread work and consider a basic income. >> let'

and this is what happened to kodak. so 140,000 employees. 20 years earlier they didn't invent the digital camera but they did understand the expediential growth. and then 2012 the digital camera they ignored because it was growing expedientially puts them out of business and a company like facebook comes along and buys instagram in the digital imagery business. so linear thinking companies are going to be disrupted by expediential ones. >> 2012 is when east man kodak went bankrupt. that's what we mean by expediential. how quickly the technology can move. you walk through the six d's. where are we right now? where can investors focus to identify the opportunities right now? >> so when i'm looking for opportunities for investments and i do and agree that companies like google are amazing and 3d systems. there are technologies that have been around for 30 years and they have been in a slow deceptive growth. like 3d printings. when they become disruptive they transform everything. so artificial intelligence. google is an ai

and the billionaires created an instagram, seven of them versus kodak's one.were ten times as rich as george eastman ever was. so clearly there is a bigger pie. the issue then becomes distribution of this pie. and you guys have some ideas about that in your book. >> the instagram example illustrates new technologies that are different from the past. digital goods can be copies instantly and distributed around the world very easily. they tend to create these winner take all markets where a small group of people can serve the entire market. that's great for consumers, but it doesn't necessarily lead to mass prosperity for all of the people who used to be working doing related kinds of jobs. we need to make some changes, upgrading your education, inventing new industries for people to work in, and probably thinking about changes in our tax structure to encourage more wide-spread work like the earned income tax credit and consider things like a basic income. >> let's talk about the basic income which you suggest in the book. putting aside the fact that politically

. >> his portfolio includes partnerships with kodak, vodka, bud light, and dodge, among others. >> he'smen. ownership in a restaurant franchise, and most recently, a deal with playboy enterprises to partner on projects. >> he's used these companies to help break his songs. he has taken an equity interest in the vodka company, so he's more invested in it than just being a spokesperson. >> looking ahead, armando soon kicks off a concert tour with enrique iglesias. he's got his own tv development company, and a new deal to host a nationally televised new year's eve party from miami. >> he's someone who's not going to stop until he takes over the entire world. >> he's on his way to doing that. pitbull opened the world cup with a performance of this year's official theme song. ♪ >> we're trying to bring people together. and to me the world cup is the beginning of that journey. all of this an a dream. the world cup is just the beginning. >> to hook up with the world cup is the biggest global audience that you can get. >> but the audience closest to armando's heart is found at a school in miam

accepting at the same time that i had just gotten a big promotion, the company i worked with, eastman kodakpany, the two had to sit there and pause. that i realized i would have to come out every day. that's what happens. you don't know when it's going to present itself. but you come out every day on this issue. >> very courageous of all of you. one of the things that we really have to talk about, and we're a major sponsor of this is the upcoming aids walk. i want to tell you about this. it's coming up, it's in golden gate park, we're a proud sponsor of this 10 kilometer fund-raising walk that will support the work of a number of bay area organizations working to stop new infections and support people living with hiv and aids. we hope you will join us. we will have an abc team there. it's sunday, july 20th at sharon meadow at golden gate park. we hope to see you there it will probably be cold and blustery like last year. i wanted to get back to dana and project inform. it is the new aids walk beneficiary in san francisco. why is aids walk so important to your organization? why do we still n

this is like a kodak moment, when kodak was a great growth stock. is it overvalued?ot sure you want to use kodak. >> it had a good run. >> had a good run. >> a maybe i'm not that wrong. right now it's in a sweet spot where people who have it love it. therefore they buy the stock. how often have we seen that situation. >> all true. but to the larger point here, if they stay as a player in this, i would almost call it commodity it's better. it's not xhom adverticommoditiz. trying to appear ace content company. i get that. sustain multiple. otherwise consumer electronics company, come on, you pay that multiple? >> might have a twitter. >> sony, look at that. >> wow. absolutely. there's a twitter effect where people just say, hey, listen, i kind of use it, i really like it, and that does in this market, there is a retail element that until they're shaken out really does -- i was trying to put numbers together to make sense where the stock is. and you can't. >> so you can't. >> you can't. >> but you get it. you get it but you can't. >> i get it because i see this thing be

one day in high school, i am on the kodak-scholastic photography scholarship, and i realize i could domething. i kept going, i had something to prove. but there's that saying, be careful what you wish for. it's been a love-hate relationship. >> who is he? >> good question, we all want to know. after a quarter of century, nobody has been able to identify him. nobody knows his family, and i am interested to know who was the driver of the tank. why did he stop? why did he not run him over? another big mystery. where are these guys in the tank? >> do you think he has seen the photograph? >> i don't assume, i don't know. we do know that they are in prison. we don't know if they are dead. it is like they have been erased from the planet earth. >> the chinese have interest in making sure the photograph does not have the resonance that it does. >> i do know what they're thinking, i think they shot themselves in the foot by making this guy a martyr. i spoke to a guide in las vegas who said that a lot of people in china know about this picture. >> you would think somebody would know, because he

acquiringies is kodak's. the deal is valued at $2.3 billion.an to fund it primarily using currently held cash and short-term investments. that is your latin america report for this monday. to settle a criminal investigation with authorities today, putting an end to an investigation that has gone on for seven years. phil mattingly his following the case and joins us now. final details are still being hammered out. what is the latest? x negotiations moved through the weekend. the expectation is the settlement will be filed today after trading closes. the top line is that $8.9 billion will be the largest fine by far in any type of sanctions case multiple times over. thely intense on negotiation side is the ban on their ability to work with transactions. some good news this weekend during the negotiations they were able to secure a six-month delay of the implementation of it in on theing business side, it is expected to .e about one year long >> the fine is unprecedented in a sanctions case. what makes their actions so much worse than say hsbc? hp

meaning, eastman kodak was in denial of new technology.nds out, and also from the stock position, this is the time where you make your money, where there's a lot of uncertainty, there's value out there, and you buy it before we have confirmation that big tobacco figured out how to get their hands on e-cig profits. >> so steven, the expectation is, obviously, e-cig taxes are coming as well. pretty much everybody we've talked to says it's a matter of time. do you believe those tobacco bond revenues ultimately are safe? because people probably hate big tobacco, but guess what? it also pays for a lot of government services, believe it or not, on the back end. >> well, yes. well, the thing is, i don't know about safe. you know, just a couple of years ago, in 2007, when a bunch of states put out new bonds, they used projections from global insights. that projection was that cigarette sales would only decline 1.8% a year. the problem is these bonds are very long-term, and it is a risk trying to predict. if you can get in and out of these things,

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invest your retirement money -- that would mean you're put what if you worked for enron or eastman kodak company that goes until, you lose your job and your retirement savings. that's a lose/lose. company why? you probably feel like you understand the company you work for. i'm telling you that excuse doesn't cut it. here is the bottom line. diversification comes before everything else, whether it's your discretionary portfolio, or invest fog retirement. so never put -- is ittic with cramer if you want to know mower about how to actually manage your money, so you can build lasting wealth for you and your family, especially during retirement. stay with cramer. when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's no

day in high school my senior year, i won the kodak scholastic national photography scholarship, and finallyrealize i could do something. i just kept going. i had something to prove. i wanted attention. i wanted to be in the spotlight always. there is that saying, don't ask for what you want, you just might get it. that is what happened to me. it is been a love-hate relationship with this. he is part of my life now, but also, i've done other work. i would like to be recognized for that, as well. >> who is he? >> well, that is a good question. we all want to know. , andmazing thing about it frankly shocking, after a quarter of a century, nobody has been able to identify him. nobody knows his family. frank way, i'm interested to know, who was the driver of that tank? why did the guy stop? why did he not run him over? this is another big mystery. where are these guys in the tanks? >> do you assume he has seen the photograph? i would. >> i don't assume. i really don't know. we don't know that they are in prison. we don't know if they are dead. it's like they have been erased from the planet eart

jeff hayzlett, our host for the hour, bloomberg contributor, former chief marketing officer eastman kodakwal-mart's advantage does not seem to be working for them anymore. >> they are starting to be the poster child for bath -- for bad jobs or that paid jobs, just like mcdonald's has become the about everything for fast food or healthy food. look at walmart. they are still 50% on the family. when you look at the roots of the company, it is not the kind of thing you would like to have. >> a lot of workers will be going on strike across 20 cities as walmart hosts is annual meeting. workers on average earn $12.81 on average. -- $12.81 an hour. >> that is the average. a lot of employees are still on minimum wage, and i think that is a huge debate. when we take these that when we start to see these guys taking packages of $298 million for the top executives, and the normal worker receiving that a dollars $.62, it is a tough one to take. >> they are still dealing from fallout from the bribery investigation at the mexico division. a lot of executives secretly left. they have been gone. >> the ne

kodak not so much around these days. didn't really evolve with the times. you fast forward to today. here's what it looks like. 3m, ibm is still there. all right. then you got visa, because payments are such a huge part of the global economy now. visa is up there. and then chevron and goldman sachs. these are some of the most heavily weighted companies in the dow today. so things have evolved. 25 years from now, here is at least some of the speculation and some of the things that we got in terms of thoughts from experts that we spoke to. now, apple, highly publicized stock split maybe puts it in that kind of realm for what the dow is going to look like in 25 years. and its price today means it could go in, maybe even sometime soon. that's big. visa still in there. because we talk about bitcoin, crypto currencies, all different kinds of alternative payment systems. visa could be a huge part of that picture, and visa, remember, is a big player in it today and has the balance sheet to evolve and maybe be a big part of that payment system in the future. amazon.

. >> 30 years ago you bought eastman-kodak. >> 30 years ago you could have bought -- 30 years ago, apple from a policy perspective what would you do, though, to actually create more long-term holdings. and by the way, i don't know what the average turnover -- the average turnover in active funds these days is close to like 99% in 12 months. >> correct. >> still. >> so i'm not trying to suggest -- >> and some are active funds. >> some are active funds. we may have that type of turnover. so i mean, so -- >> so then are you a long-term investor or short-term investor? >> we're both. and but 70% of equity investments are index based. and so, unquestionably some of the activists have done some really fine investigation, they've actually forced better behaviors from some companies so that's what i'm saying we did not attack activism, we attacked the notion that ceos should be focusing on longer-term outcomes, not just short-term outcomes. they should not be just focusing on stock repurchases and dividend increases. they should be focusing on what would be the best outcome for long-term investi

what happens in a lot of very successful companies, kodak used to be a great innovator and disappearedves. because they could not get rid of their past. they were so attached to the products that made them great they could not see where it was coming and inside the labs they had everything that they needed to lead in digital photography. but they didn't. >> talk about the five-year turnaround at hp. >> i am not, meg whitman is. >> she is a professional manager who has worked with these companies -- do they need a technologist? that is the buzzword. >> i am not here to go into great detail on hp. i do not follow this company but -- not necessarily. i think a lot of times what happens depends much more on the person and less on, you need a technologist and some technologists turn out to be great and some cannot be lousy in a big company, and some managers can be great. fiorina. the former been co--- the former pimco ceo joins us to talk about how investors should play europe. ♪ >> this is qut bloomberg surveillance." i'm scarlet fu with tom keene and adam johnson. time for company news,

. >> a little kodak.ins if you're just chilling at home are you going to put on light makeup or go au naturel. >> i go au naturel crazy wild hair and people look like i just came from the jungle, quite frankly. >> change of pace is always good. mix it in all three. >> i get different treatment, though. >> from your family. [ woman ] i've got someone who understands my sensitive side. and a razor that understands my sensitive skin. new venus embrace sensitive. more than a strip. an entire ribbon of gliding gels surround 5 comfort-coated blades for less irritation. venus embrace sensitive. a perfect match for sensitive skin. venus embrace sensitive. she loves to shop online with her debit card. and so does bill, an identity thief who stole mary's identity, took over her bank accounts, and stole her hard-earned money. unfortunately, millions of americans just like you learn all it may take is a little misplaced information to wreak havoc on your life. this is identity theft. and no one helps stop it better t