what he didn't plan on was a prolonged legal battle with his former employer, abb, over his 401 k plan. >> it was very difficult to figure out exactly what it was costing you. >> he eventually filed a class action lawsuit, claiming the company failed to comply with federal law, causing plan participants to incur unnecessary and improper fees. >> we spent a year and nine months looking into industry practices and the abb plan and i came away convinced that people were being ripped off for their retirement assets. >> a missouri federal court ruled in favor of tusy, but no one has received a penny. since the case is still on appeal, abb said it could not comment on an open case but did say benefit offerings are reviewed regularly. >> plan sponsor really need to be educated on, well, then who's getting paid? how are they getting paid? >> along with a rise in 401(k) lawsuits over the past several years, 401(k) fees have been declining. but ronald tusy says many companies still need to do more. >> it should be simple, it should be straight forward what the cost is to have a particular fund.

. >> we spent a year and nine months looking into industry practices, and the abb plan. and i came away convinced that people were being ripped off. for their retirement assets. >> a missouri federal court ruled in favor of tussey. but no one has received a penny. since the case is still on appeal, abb said it could not comment on an open case, but did tell us that, quote, benefit offerings are revd regularly to ensure they remain competitive and compliant as well as cost effective. experts who help companies design 401(k)s, say they need to understand how fees work and explain to participants where the >> plan sponsors really need to be educated on who's getting paid. and how are they getting paid. along with the rise in 401(k) lawsuits over the last several years, 401(k) fees have been declining. with the average total cost dropping to less than nine-tenths of a participant's assets. >> it should be simple. it should be straightforward, what the cost is, to have a particular fund. >> for "on the money," i'm sharon epperson. >> $4.7 much americans are holding in their 4

shinto abbe says the new stimulus package will be worth more than $250 billion. abe.into onzo let's take you to the headlines. concerned about france as a destination for travelers following the recent attacks. of france reporting profits 40 million euros in the three months to the end of june. cost airn expected to france -- airbus taking a financial hit, 1.4 billion over its delays. the aerospace group has already written off more than 5 million -- 5 billion euros. bankts of deutsche slumped, hit by restructuring costs and boosting its funds to cover legal costs. >> how are the markets digesting all of that? >> abe giving the markets a boost. up 7% aftertroen reporting its profits almost doubling. >> we will return to apple and the fun being poked at the ceo, saidook for the way he "pokemon." >> he was asked about pokemon go. apple takes 30% cut from all purchases made in the app tim cook described the game as an incredible phenomenon. >> thank you very much. time now for the press review. ♪ joining me now to look at the international papers -- what are they sa

. >> we have confirmed that she will abbe ba'be in our area on. >>> hillary clinton and bernie sanders may finally be joining forces. nbc news is report being that bernie sanders could endorse clinton as early as next tuesday. in weeks past, the vermont senator said he would likely vote for clinton, but has yet to fully back her for president. reports are that both campaigns are in talks to host a joint event in new hampshire. >>> a battle between church and state. philadelphia's mayor says someone isn't acting like a christian. >>> transportation funding could impact your next trip. okay, ready? whoa! [ explosion ] nothing should get in the way of the things you love. ♪ get america's fastest internet. only from xfinity. when you're the parent of a disabled child, you realize that the world can be a harsh place. but you also realize it can be a really loving, wonderful place. when i saw donald trump mock somebody who was disabled, i was appalled. you gotta see this guy... ahh, i don't know what i said, ahh, i don't remember! that reporter suffers from a chronic condition that impairs m

it can be abb high yield bond.se, a lot of these risky assets could re-price quite a lot if we hit a global recession which is not our view. can come from diversification which we advocate. a mix of shorter structured ,ssets and higher-quality bonds enough diversification so no matter what your diversification, you'll get a reasonable amount of yield and make sure the tail risk is contained. david: thank you for being with us today. we will have special coverage of the fed rate decision this afternoon. alix: it is the big mover in europe, deutsche bank shares are plunging. quarterly profits all but wiped out by the cost of restructuring that has yet to bear fruit. we will discuss what's next when we return. some of the big movers to watch in the open -- this is bloomberg. ♪ jonathan: this is bloomberg. the scorecard with futures firmer and equities rally in europe. futures in the u.s. are up about and apple is making up about 7% of the nasdaq. it's lifting futures across the board. is stable.llar the weaker yen is

governor kuroda and preminger imee --primus abbe -- pr minister abe.he followed the japanese economy quite closely. ago about what the boj should be doing. i think that discussion will be very interesting. angie: central banker emeritus. thank you so much for that. it will be interesting to see what he has to say. the forecast on the chinese yuan, a drop. we have david looking at that press. david: we do know that the slide in the yuan has already begun. this is a 12 month look at the drop and the pair. they are flipping that around. this is our synthetic replica. we are basically down 7%. if you look at that spot rate, we are down over 9%. that being said, where do we go from here? a lot of the forecasts that of come through since brexit have basically been revised lower. we are seeing more yuan witnesses being priced in or expected at the very least. let me show you how that looks if i can get my chart appear. give me a few moments. this does take time. here we go. spot rates, the forecast here. i agree minor break here, you can see were brexit is at

steffensen: that works out to about $750 billion per year if you look at what abb is providing to the region, it is a drop in the bucket. if you look at what is provided for development internationally, byionally, locally, multilateral, bilateral, the civil society, by government, private investors, globally, it is still addressing only about 16% of asia's infrastructure needs. that is to give you the idea of resources that are required to address what we see across the region today. pollution, water pollution, air pollution, traffic, mass transit needs. schools, i could just run on down the list. so, adb and the world bank and usaid and others, we are simply not providing the resources that neither our governments or private investors to what is needed to make a dent in the infrastructure challenge. adb has gone to far to call it an infrastructure crisis. capitalized, they're subscribed capital is $100 billion. it will be about $20 billion. thehas paid in capital of last 50 years, $7 billion. that is what is used to bar an international market. we provide support for our member count

. >> abbe lowell representing secretary clinton here, thank you. >>> a legacy of war. what will the next president inherit in afghanistan. think about this. a third president is now going to manage the war in afghanistan. two managed world war ii. two managed vietnam. two managed korea. you get my point. we'll get unique perspective about the challenges ahead from a kabul native and former american ambassador. >>> big news in the veepstakes, including the motivation behind bob corker's vp brush-off. >> first of all, i have always thought that i'm better suited for other kinds of things. ♪ ♪ ♪ ♪ take on any road with intuitive all wheel drive the nissan rogue, murano and pathfinder. ♪ americans are buying more and more of everything online. and so many businesses rely on the united states postal service to get it there. that's why we make more ecommerce deliveries to homes than anyone else in the country. the united states postal service. priority: you >>> there's been fast-moving developments today and rapid responses from political leaders following the fatal shooting

let's not forget that prime minister abbÉ is coming around the corner with a bazooka as well.ybe another big push by the government, so we are heading for a very interesting tfew weeks o. alix: thank you so much. front and center of policy. jonathan: and communication as well because it is coming down from the "wall street journal" that this interview was conducted in the middle of june. initially dropping off and coming back as well so a real communication issue there at the bank of japan. some communication in the fx market now warranted because reply to understand whether the commas are dated and what it things have changed in the last three weeks. let's get to caroline hyde over in frankfurt for today's ecb decision or not decision. walk us through it. 45 minutes time, i there inwill be frankfurt because no policy change expected by any of the ists we spoke to. what about september? what about a press conference in an hour and a half? will he send off brexit? saying us we can bring a more stimulus, war bond buying buying -- more bond overall. we did see a cut in the deposi

please join me in welcoming the chair of the barred association, abbe lowell. [applause] >> good evening. thanks for joining us. the annual dinner and mark trial event by the shakespeare theater company and barred association, affinity group of lawyers and those who support the community to bring the best we can to the stage, tonight after tonight's performance is based on production of 1984 presented by the shakespeare theater company a few short months ago which in turn is based on the 1949, that is right, 1949 book by george orwell predicting what 1984 might look like. you all know the story very well, a country's government vacuums up unanimous amount of data in the name of national security, where country's leader work hard to be scared and divided to prevent newcomers and serious opposition by among other techniques encouraging people to have daily sessions where they yell their anger and hate against anyone who disagrees with them and the opposition creates a sort of resistance by installing an off-line communication system, not in the mainframe of the g

. >> in japan, prime minister shinzo abbÉ has won a big victory in prime ministerial elections.his liberal democratic party won 56 of the 121 seats in contention. a junior coalition party won 14 more. he said he would take brought, bold measures to expand japan's economy. george osborne heads to wall street today to try to shore up investor confidence in the wake of the u.k. vote to leave the european union. he will then go on similar missions to china and single for -- singapore. angola merkel said it is not inevitable that the u.k. will leave the european union. britain will formally apply to leave the bloc once a new prime minister is in place. there was another protest against police killings in baton rouge, louisiana. 40 people were arrested for blocking a highway. last week, a black man was shot and killed by a white police officer in baton rouge. president obama heads to dallas tomorrow to meet with relatives of five police officers killed thursday. global news 24 hours per day. this is bloomberg. look at equities, bonds, currencies, commodities. oil still cannot get a bi

japan's prime minister abbe announces plans for more than $265 million in economic stimulus. , hillarytoryhe first female nominee of any political party. jonathan: i am jonathan ferro alongside david westin and alex deal. -- alix steel. david: i woke up and there is some talking made and it is moving markets. ¥28 trillion is what was floated at the real question for -- et, what is the next

abbe -- what do we expect to hear from mr. abe? amountat is the actual of new spending?figures that came out this week were massive. know the size of the supplementary spending for 2016 and that is really the key when we talk about stimulus. or additional stimulus. alix: dan moss, thank you very much. david: from tokyo to washington. we have cement for news coming out -- we have some important news coming out. gdp numbers wehe will get in 24 minutes. remind us where the trend is. what are we looking for? we have seen three consecutive quarters of growth below trend. for the u.s., it is approximately 2%. given recent data on inventories and trade, it looks like we will miss the mark again. 2.6% andnsus was at it looks like tracking estimates 1.8% we areo looking at gdp growth at about 1.6%. that is about the speed the economy averages as it slips into reception. by no means do i think recession risks are elevated at this point. a slow-moving economy is a troubling development for the fed. the september meeting is entirely out of the picture for the federal reserve. david:

we got a bit more clarity on e is going minister abbe to do. one fourth of that will be spending, but we don't know the timeframe. jon: there might be a consensus among economists, there is no consensus in this market right now. david: i'm looking forward to that. we will speak to a man who knows the fed very well. alan greenspan will be joining us in an exclusive interview. we begin with breaking news. ford earnings just crossing the wire. the company making $.52 a share. estimates were for $.60. revenue,of actual coming in a bit stronger at $36.9 billion. the company says it is committed profit.6 pretax it it does warn that could be at risk even if u.s. sales of its suvs pick up. we always want to look at pickups. they missed on their earnings per share but were up year-over-year. beat.and revenue did year-over-year and quarter on quarter. stay with us for that. mark fields will join us shortly. we want to hit on that interview. jon: credit suisse earnings coming through, the swiss bank posting a surprise profit last order. the turnaround pla