michael: i have lost 10 relatives. vid: what is it you did that helped change the way finance things? michael: first, you collect the data. david: do you have regrets in your financial career? michael: sure. >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? you signed the giving pledge, agreeing to give away half your money. what did your children say about that? [laughter] michael: well, it is interesting. they have been involved in our philanthropic efforts since they were young. and my wife, lori, lori defines wealth as that she can buy any book she wants. and so, i think that has been instilled in our children from the very beginning. david: you met you

michael: i paid my expenses. rep. green: i would like to yield my time to the ranking member. how may times have you spoken to the counsel's office? michael: seven. rep. jordan: did they talk to you at all today and prior to your sentencing, michael: i do not understand your question. the memorandums in front of the court in december, how may times did you talk to the special counsel office since then, up to today? the jenin time has expired. you may answer. mr. cohen, in your 10 years of working for donald trump, did he control everything that went on in the trump organization, and did you have to get his permission in advance, and report back after every meeting of any importance? michael: yes. nothing that happened at the trump organization, whether it was a response, as the daily beast story referred to that did not go through mr. trump, with his approval. and signoff, as in the case of the payments. times didey: how many the president ask you or direct you to try to reach settlements with women in 2015 and 2016? i am sorry, i do not have the answer to that. i would have to

michael: i think it is overdone.he reality is, as soon as the market started to worry about the triple b part of the investment grade market was the time to go in and own it. our conservation was there were -- observation was there were certain areas in the triple b market we are concerned about, certain segments, certain large issuers, but i don't think it is this mass wave of companies going down into high-yield. that should not be what is worrying people. doug: when i talk to fixed income people, they are not crazy worried about this. when you talk about other commentators, other investors -- i'm just stating my observation, jonathan. i think that there are others that are really worried. krishna: we are just smart. all kidding aside. the point that doug is making is an important one. it is not just the size of the cohort, it is -- there are far larger companies in triple b's. the coverage ratios are good. looking at a specific number and freaking out is probably not the right thing to do. jonathan: krishna memani

no because you immigrated from the soviet union so i take that to heart ok michael if i can i get suppose very clear i suppose the at the end of the day the media will say ok we didn't exactly get it right and i'm being generous here we didn't exactly get it right but we're morally right this is what they can't get over going back to what you said at the very start of this program is that drugs trumps cardinal mistake was not collusion his mistake that he is that he got elected in the first place and this is something the liberal media will never that they're propagating to because that's exactly what it is propaganda go ahead michael. you are correct here you and your excellent production staff on the show also come from a point of view of producing news of producing useful valuable opinion related to news that's not what they produce in the legacy media and the right and the left they produce entertainment they produce something that is designed around making a buck and so they have some award show where they all tell each other how the news worthy and how insular a are and they serve t

so i think this is not surprising what you are hearing michael cohen say. tion on the record with vanity fair about that very conversation several months ago. i think you are going to see again where a lot of this is stuff that has been said about the president before, michael cohen is prepared to fill out a lot of it. she prepared to say things that are going to, you know, just sort of fill in the other side of the page about donald trump on things that other people will feel sounds familiar to them or they think they have seen in this presidency. i think the fact it is taking place under oath in his own name is why it will be so powerful. >> suggest you think if the volume of what we will be hearing. all one stop shopping in one place that is what moves the needle today? >> i don't know it will move the needle to be clear. in the mind of folks around the president, their feeling is, there is not, or their argument is, there is not that much new here. this doesn't say a whole lot new. i think they are searching for the silver lining. the mere fact that this

michael: i call it the bond conundrum right now. we have a yield curve that is essentially that close to inversion in the u.s., and everywhere else in the world will be lowering rates. agree with krishna, that that will ultimately be stimulative. stimulativeis how will it be, are we at the limits of our ability to stimulate in the traditional way? why isn't credit reflecting it? the reason, i think, is you still have reasonable earnings growth, and you now have balance sheet religion on the part of corporations. dividend cuts to do love her. have not heard that in a long time. now we are in a positive feedback loop for credit, taking cues from the market. from that standpoint, credit risk will probably be fading into the mind of the typical investor. jonathan: we will be talking about that next on the program. everyone is staying with me. coming up, it is the auction block, including italy returning to the bond market after attracting record bids for its debt offering last week. this is bloomberg "real yield." ♪ jonathan: i'm jonath

and in the view of this advisor michael cohen doesn't have any. but, anderson, i think more to the point at this juncture, this advisor said right now michael cohen is without a country. that is how badly he is seen inside trump world. it's almost as if he's been excommunicated, and it really gets to the heart of how things go down in trump world. when you're somebody like paul manafort who has really existed cooperating with the special counsel's office, you don't get this kind of treatment. but when you're michael cohen it's something out of the godfather had twitter existed when michael corlioni was around. >> i find it hard to believe the president is not going to watch michael cohen's hearings tomorrow. i think that's 10:00 p.m. in hanoi. he would have to stay up through the night to i guess actually watch it. but do we know, does he plan to watch it? >> reporter: well, according to our sources, anderson, yes. white house officials have basically acknowledged the president will be spending some time watching all this. and the white house officials and the pre

these are all things michael cohen will be able to point to. i think the critical thing for people who are trump supporters who believe "the apprentice" version of president trump who was a billionaire, michael cohen is going to trial to pull apart this image of the president as anyone who is successful and someone who is truthful and said he's going to say that president trump ran as a "political infomercial" and he thought running for the presidency was about enriching himself. even more, he thought he was going to profit off the president. when he was president, he continued that criminal activity. michael cohen is going to have, if he sticks to the opening statements that pbs "newshour" has a check written by president trump to michael cohen, if he sticks to this, it's going to be an explosive day and president trump is not going to be able to only focus on vietnam. >> well, president trump and his supporters and the conservative media are pushing this idea that michael cohen is simply a rat. tim, i mentioned it earlier, you're a trump biogra

i had always liked michael jackson. contest because i had learned how to do the moon walk, but then let me tell you what happened, alan. i have a very close friend who was my assistant during the campaign. i don't think he would mine me telling you his name, his name is seth and during some of our long rides around the commonwealth, the very issue of black facing came up and he really did a good job communicating to me why that's so offensive and it was actually during that conversation i said, you know, seth, i put some polish on my face. i competed in a dance contest dressed up as michael jackson and i said, i assume you probably would think that's offensive, he said, i would. he said, i appreciate you being open with me. i apologize for what i've done in the past and i can promise you i'll never do that again in the future. >> we were talking to other students who said they always submitted their photos for the yearbook. there are four pictures on your page, would you choose all four of them, did you choose three of

i had always liked michael jackson. i actually won the contest because i have learned how to do the moonwalk, but let me tell you what happened. whove a very close friend was my assistant during the campaign. i do not think he would mine me telling you his name. his name is set. during some of our long rides around the commonwealth, the very issue of black facing came up. he really did a good job communicating to me why that is so offensive. and it was actually during that conversation i said, you know, set, i put some polish on my face. i competed in a dance contest dressed up as michael jackson. i said, i assume you probably think that is offensive. he said, i would. i said you know, i appreciate for in the future. students always submitted their photos for the yearbook. them,u choose all four of did you choose three of them? and the last photo? governor northam: i think there are three photos, one may standing in front of a car i restored, one me in a farm setting and one more formal picture. i did submit those. where

do you find michael cohen credible? >> ihink michael cohen becomes more credible as he shows more documentation. and i think we haven't seen touched the surface. i think if he has additional audio tapes, that becomes very i think important as well. it's so much -- it's so stunning that we are repeating history once again with the tapes of watergate. now we have the tapes of michael cohen. i think that we have a real explosive situation. >> we don't have all the tapes of michael cohen. the special counsel of the southern district may have the tapes of michael cohen. we heard of one tape where mr. trump talks about making the payment to stormy daniels. in my hand i have a copy of a check michael cohen will talk to you in public testimony. he will produce this check to you signed by donald trump. the date on that check, you see the yellow highlight is august 1st, 2017. donald trump was the president of the united states at that time. what does it matter to you if the president was engaged in reimbursements to michael cohen, wha

michael: i wouldn't mind. >> great to catch up with you in berlin. t's our own executive editor with michael arougheti over in brussels -- berlin. coming up, best buy's blowout earnings. a bright spot in an otherwise gloomy retail earnings season. this is bloomberg. ♪ david: home improvement retail earnings are out this morning. taylor riggs is looking at the health of the consumer and retail overall. lowe's, theing at home improvement store not able to get it done so far. of 1.7% missing estimates of 1.9%. this comes as home depot yesterday missed estimates as concerns thatsome u.s. consumers think putting money into the home market may not pay off for them. is seeing theat health of the consumer is best buy. now approaching the -- theysince december were able to post a strong holiday quarter and take advantage of the toys "r" us closings by adding toys to their shelves. on this able to pass higher input costs to consumers. we are expecting tj maxx earnings within the next hour. profit margins will be a big focus after walmart shows they are spending

although i must say, it was a point in favor of michael cohen's credibility. he had opportunities today to take an axe to the president of the united states. oh, yeah, he directed me to do it. he knew all about it. roger stone, i heard the whole conversation, the president said, is this about hillary clinton, he said, yes. i heard don junior tell him about that meeting and he said it was with the russians. michael cohen was blank on all three of those. he guave a lot of spread to the president on that, which i think went to his credibility. now, the missing pieces, if mike is right, that neal is right, that this wasn't supposed to be the be-all, end-all, then what space does it leave for the mueller probe? garrett wrote the book on mueller as far as the operative diary where i'm concerned right now. and what space is there that they would be waiting for? >> neal, i think, is right that we're so obsessed with the mueller report and the end of the mueller probe and what that's going to bring, that, by my count, is one of 17 or 18 different investigations focused

michael: i think it is absotely possible., especially the united states, to issue ultimatumszu in vea, they may rally around maduro because that does not work very latin america. the armed forces, you have to talk to them, negotiate with tothem, make a deaive some guarantees. moultimatums may not be th productive way to go. laura: michael shifter, thank you for joining us. michl: thank you. laura: in other news, a summit of leaders in israel has been overled amid a row poland's role in the holocaust. israel says there will be bilateral meetings with the czechs, hungarians commence low back leaders. mps to the u.k. have resigned from the labour party over jeremy corbyn, brexit, and anti-semitism full to mr. corbin said he is disappointe omthe decision c five weeks before britain is due to leave the eu. a south african olympic champion is accusing the governing body of world athletics of this commission. the runner launched a landmark hearing. she is trying to overturn a new set of rules whichpeould force hy antigenic athletes

i am going to get to question michael cohen today. sit there for four hours and listen to my colleagues on both sides. i will be better to have a better opinion after the testimony today. i can tell you right now. i think the democrats have a flawed witness. this is obviously their first step in trying to set up a process to ip peampeach the president. i don't think the american people are supportive of political theater in an attempt to impeach the president. >> you and your colleagues on the committee, there is a lot of them, you will have a chance to say whatever you want and question michael cohen with whatever you want as well. we are looking forward to this hearing. congressman james comer, thank you so much for joining us. >> thank you, wolff. >> the ones blocking deputy attorney general rosenstein, it is interesting to blame it on elijah cummings. it is the republicans who run the trump administration blocking ro rosenstein. >> let's discuss this with carl bernste bernstein. >> it gets to the idea whether or not there is a cons

she wrote, i am so close to introducing them both to daisy. michael can do it together. as a date. smiley face. in yet another, she wrote, i hate them with every inch of me. revenge will be mine, and it will be very, very sweet. >> it was very obvious that danielle had some kind of hatred towards sam, that there was -- that she wanted to hurt him. >> reporter: and based on those text messages, it seemed clear to detectives that she had persuaded michael to feel the same way. >> i absolutely think she poisoned michael's mind as far as what sam was. >> everything he knew about sam was that he was a violent person. he was described to him as a drunk, as a cheater, as a liar. that knowledge came from one person and one person alone. it was danielle. >> reporter: did you have any evidence as you kept investigating that sam was abusive or violent toward danielle? >> there was no evidence of that whatsoever. >> danielle definitely had control over michael minor. she did manipulate him. did she manipulate him to the point of killing sam? i don't know. >> repo

michael jackson. same year as the yearbook. now, 1984, i became the community affairs director for michael jackson's victory tour, his concert tour all over the country at his request. i saw thousands, tens of thousands of young white kids dressed like michael, wearing the glove, wearing the high pants at the end showing their socks and doing the moonwalk like michael. none of them wore blackface. it takes a mentality to add blackface to a michael jackson costume, the same mentality that you would stand with a ku klux klan robed person or wear blackface yourself, or have it on your yearbook page. he also admitted that his nickname in school was coon man. maybe they felt it was appropriate for you to be remembered that way because year books are your statement going into how your life will be as you prepare to go on with your life. governor, you should resign. and as i said earlier, since you brought up michael jackson, i repeat, you should listen to a michael jackson song in the governor's mansion tonight and start packing and beat it. let'

>> michael: i don't know. i think that congress has done a heck of a job and the next couple of times, the committee, to sort through what is light and what is truth. i think peppering your lies with the little dollop of truth is the best strategy of a pathological liar, right? so i think a tough time to figure out what michael cohen is saying whether it is a lie or truthful. and the idea, he is the star witness is really hilarious. and by the way, john love it looks like him and sounds like him. they have to do it on saturday night. >> tucker: why, and you know i actually know him pretty well and he always struck me as a little slow but i don't hate him or anything. only a dumb person would lead to campaign violation for paying off. this is not campaign finance why would he plead to that? be when i think he's being told to do what he's doing and the rule 35 he talked about during s testimony today. rule 35 is a motion prosecutors put into reduce somebody's sentence for substantial assistance. and i talked to

he shows up today high fi-fivin people. >> i think people were sympathetic today. michael cohen came off sympathetic when he talked about his family and his dad is a holocaust survivor and he talked about his family. >> everybody talking about credibility issues, is he believable? >> for me? i thought he was believable. >> he was absolutely believable. he has done what a lot of people get in trouble don't do. he apologized and he's going to pay a price for it. >> believable? >> i am wondering how angry donald trump is sitting there in vietnam of these republicans who did not defend him today. they just talked about michael cohen and not donald trump. >> i see a lot of corroborating witnesses. i don't think the republicans laid a glove on him other than one point over and over. you have been convicted of lies, we got it. they did not touch his testimony other than that. >> it is interesting that you pointed out that people would be so sympathetic. >> the republicans were a little surprising. >> people can change, right, rather they are forced to or if you come to some sort

so you can open up at the michael i. will post first things that are humans are spot on the it. will work on you've done one still an old one just we don't think i'm saying that. it's a business. thing to do. some of. the . nascent and yet a couple. dozen at that wall hey. you know at the start she needed on this new ship. you know. and you bought on e. bay who. doesn't. doesn't the mouse in a. steam. i mean you know his story. board. was up to no and they said our needs will. be more in the start. but all this is not but bob of. someone i am. scared to now block. off the walls are going or. what is thing adults and i. you know post you know starting a buddhist. word the believe the. first day. there i think that this is the soul i love the thought of yes but how could it dirty. living. crap if you could no toilet paper who like to put it in your paper services of the most tradition just as that is the credits not . for many years accepted even the new model citizen must act together besides of the other day telling me this does this make them sensible women did this and so did

i had always liked michael. i actually won the contest because i learned how to do the moonwalk. >> after that press conference, the three most senior democrats called for his resignation, saying they no longer believed northam can act as effective governor. justin fairfax will become the fifth black governor of virginia. he said, as someone whose great-grandfath great-grandfather was enslaved in virginia, this episode strikes particularly close to me. >> we're on this really reflective moment of this history in virginia, and we need to rise to the ladies of our nature. >> president trump also weighed in yesterday, criticizing northam's stand on abortion. nbc's chris bennett is in richmond with more. >>> virginia governor ralph northam says it wasn't him in that racist photo from his medford yearbook. >> i am not the person in this photo. >> you're saying you had no knowledge of this photo? >> that's right. i was in med school doing rotations throughout the state. >> it was a reversal for the virginia democrat who

do, but granted i didn't have to do things that michael cohen did, i had distance. if you went in his office, you had an inquiry or a question, and you knew what reality was, and you're trying to get the real information, you just say no, never happened, sam, it never happened. it never happened. and you knew that meant don't confirm to the reporter that there is remotely any truth to it. or that it is a lie, it doesn't matt matter. >> it does sound like he smart enough to never say what he meant to say. it doesn't sound like a mob boss. >> there is another important point there. who is questioning michael there, one of the few republican that's is one of donald trump's -- i believe he voted against the emergency with nancy pelosi. . i think the process here go, this is the first public one. >> ben wittis. sometimes we care about three -- what threads do you want to keep pulling on to this point after listening to michael cohen's testimony today. >> i think you're pulling on the two most important threats. the payments to stormy daniels, and karen mcdoogle issue tha

i am sure this takes you back. michael cohen is testifying tomorrow, you have been in this position, what is it like to be in the spotlight to testify against a sitting president. >> well, it is not a comfortable seat. i worked as a committee counsel so i knew both what was behind the table and in front of the table. i have been in both positions. it is actually friendlier than two weeks in court where they have rules of evidence. there were no rules of evidence before the house or the senate. but, i hope he sitz there alone and he does not lean on counsel. i am sure he's going to tell the truth because there is absolutely no reason in the world that he would lie at this stage. he admitted to that. he's apologizing to the senate for it. i am sure he'll do the same for the house. i think he's in a good position to tell us a unique story and insider story of this president and the early days of his presidency and plus the path of his business history. > >> do you think that -- people have been questioning or wondering for ye

about a change in the industry are you familiar with that too or what are your comments on the top michael i have through an excellent and i think it's very important for it seems that to take custody of other people's money to prove that they continue to have custody of other people's money is not your keys not your money if you are choosing to give your money to another entity like a stimulus change as long as they are holding it it's not your money and you hope that when you request withdraw it will be processed and you will get your money back but. frankly it's up to the whim of that exchange the river reserves will have lots of this is a great tool and it goes in line with one of the thirty three controls that are mentioned in the c.c. s.s. group of reserve any company or any system that is going to be holding cryptocurrency is needs to have a way to prove to the world that their currencies are still there the best way to do that is by by showing all the addresses on of a lot of change as one of the biggest benefits of public law chains is that you can always see exactly where the money

have a very hard time believing that michael cohen as a coop ray tocooperator. that's why ito pursue and -- >> do you expect to see any evidence that michael cohen was not able to give to the committee today in this open hearing? any evidence that might pertain to what happened with russia or donald trump's relationship with russia? >> we expect to have additional evidence that is not presented today. michael cohen, you see he is going to respect the jurisdiction, but also is the president's denders saying this is cohen's word versus trump's word. it is important to know is not cohen's word versus trump's word. we have all of their word versus nothing. so the state of the evidence is cohen's world. unless he goes under oath to cohen or not committee. >> will the democrats all get behind articles of impeachment. >> i don't think we're there yet. we have evidence of wrong doing, but we have all of the reason in the world to keep looking and do the work that we were not able to do two years ago. we would not be here right now but republicans were protecting the president, not o

ponto of love port dot com michael welcome back thank you for having me on the program again max a pleasure to be with you i know it's a pleasure scott of a one of the greatest pleasures one could ever experience if error stuck in new jersey now michael pepto i have a question for you the third recently started that quantitative easing would no longer be used for just so-called emergencies but will it be permanent your thoughts. yes i was in the come on your program and make some jokes but it's gotten to be such a serious issue in this country and indeed around the world it's really not funny anymore because the middle class is being if this are a date and i find that the idea that we place so much credibility with the epilepsy and members of other central banks around the world i find it absolutely ridiculous you know janet yellen told us remember a few years ago that quantitative tightening which is the unwinding of would be like watching paint dry to sureness that because that's what she really believed it was she trying to lie to us i'm not quite sure what your solution here is there would never be anot

i called michael cohen up, he could not have been more insulting. i said some time between now and 2016. he said let me tell you, i could book this guy from now until 2017 and he will never talk to you. i figured, well, cohen isn't going to work so i called core yes lewandowski and had an interview with candidate trump the next week. he could be insulting. >> dana: this tweet from ben shapiro, he wrote this, cohen's testimony falls into three buckets for trump. one, illegality. embarrassing for trump, super hi layerity. not much in bucket one, a fair amount in bucket three, a p.r. thing. >> ben as he often is, is right on with the assessment. you look at the illegal issue, michael cohen saying all of these things that don't lien up. the president was working -- line up. the president was working on this hotel project to bring in hundreds of millions of dollars and be the biggest hotel property in europe. he said that was always the main goal. he didn't think he was going to win the election, that's why we had to be on the same page. then in the next

michael. yeah. >> it's mj. look, when i -- i had a chance. i met michael jordan before. chael's birthday in vegas. you in?" i go, "you had me at michael." [ laughter ] i get in the camry. i call up five of my friends -- >> jimmy: so, you get in the camry, immediately? >> immediately. i go, "it's michael jordan's birthday in vegas. let's go." >> jimmy: yeah. you're not invited at all. >> we all pile in the camry. we're not invited. >> jimmy: no. >> i drive from l.a. overnight. from l.a., boom, to vegas. we get to the bellagio. i park my car to the front of the bellagio. i valet it. i'm like, "$20. take it." who valets a camry? i do. [ laughter ] we run to the front of the line. there's all these people in line to get into the bellagio, the nightclub. right? i'm just like, "get out of the way. i'm here to see mike." >> jimmy: yeah. >> they're like, "excuse me." i'm like, "excuse you. hello. [ laughter ] what's michael's favorite flavor of gatorade? orange. get over there." [ laughter ] and i get to the front, and the bouncer does that thing whenever they see like, a group o

i think it's been a long day. certainly, it sounds like they want more documents from michael cohen. they are asking him to go back, go through these documents, bring documents back to them. i think michael cohen is being asked about a lot of things that we probably don't even know about yet outside of what we heard yesterday. more importantly, this committee is focused on russian interference. there's also this ukrainian peace plan that we have heard a lot about that michael cohen may have been involved in. there's a lot that they are asking him concerning the russia part of this. they are asking him for more documents. he will go back and get those documents. some of the documents were with investigators. they are back in his hands. he can be able to provide them to the committee. >> you heard adam schiff say felix sader will testify. he will testify in open public session on march 14. tell our viewers who he is and what he knows. >> he is quite an interesting guy. he is a real estate guy. he has been in business around trump. he has been in business with the president. what is sign

he knows almost as much as michael cohen knows. i say michael cohen knows everything because of the kind of trust you have to have with your lawyer. everything from his income taxes, who he was writing checks to, his bankruptcyies he's a bi deal. >> did you find michael cohen credible? >> i found him credible not only because of how he presented himself. i had to think, what is the worst thing that could happen to this man? the worst thing that could happen, remember, he is still under investigation. having lied and draw a three-year sentence, will he lie again. i don't think he was lying yesterday. >> what do you think about how the president may have been involved in bank fraud? >> we're getting pretty close to the president's deep involvement in illegal matters. this house has not been interested in impeaching the president. and i don't think even as we are learning new things that seem impeachable that we're going to move forward to impeach him. and the reason i don't think so is that an impeachment is nothing more than an indict

he also, i'm sure for not just legal reasons but political reasons, i think he should hope that michael cohen doesn't show up tomorrow because what i want to hear is about donald trump. i want to hear him talk about -- take us inside the trump organization when nobody is looking. i want to hear how donald trump sounds. i want to see what he does. i want to -- i want to know some of the history of what i suspect is a lot of -- of, you know, crooked dealing that happened in there. i want to -- i would like, personally, to ask some questions about russians who bought huge, very expensive properties, trump properties and i would want to ask if the trump organization was not functioning as a great big washing machine for a lot of that money. >> money laundering. >> so i would want to pursue that. and, you know, in terms of michael cohen being a liar, you know, glenn can correct me if i'm wrong. i don't see how any jury would ever convict any defendant unless they believe someone who at some point had lied because the people who know about crimes are criminals. they -- and they have lied and

i had always liked michael jackson. i actually won the contest because i had learned how to do the moonwalk. but then let me tell you what happened, alan. i have a very close friend who was my assistant during the campaign. i don't think he would mind me telling you his name, his name is seth opofayubowa. he really did a good job of communicating to me why that's so offensive. and it was actually during that conversation, i said, you know, seth, i put some polish on my face, i competed in a dance contest dressed up as michael jackson, and i said, i assume you probably would think that's offensive. he said, i would. and i said, you know what, seth, i appreciate you being open with me, i apologize for what i've done in the past and i can promise you i'll never do that again in the future. >> reporter: we spoke to other students at evms. there are four pictures on your page. did you choose all four of them, did you choose three of them? are you saying the last photo [ inaudible ]? >> there are three photos. if i could look