erik: that is steve sportsman and he is the cofounder and the io blackstone group. back to you in new york. mark: thank you so much. "bottom line" continues in a moment. ♪ mark: let's get you some of the top stories we are following. fitch cut japan by one step to a minus, and it says that is because the japanese government did not taken a step to offset the from a delayed sales tax hike. the prime minister postponed. -- plans to raise the sales tax from 8% to 10%. a higher tassel not go into effect until 2017. staying with european banks, a report hsbc may spin off its british retail business. london's's sunday times says they're considering a spin off for as much as $30 billion. there is also speculation hsbc may move its headquarters to hong kong. friday, hsbc said it would consider moving from the u.k. because a bank -- cost more than $1 billion last year or for the first time, iphone sales and china may have eaten those in the united states third in the first quarter, apple may have sold as many as 20 million iphones in china and analysts say a reason is the de

blackstone is important, certainly black -- blackstone our principles. is tied up in the funds. stephanie: lloyd blankfein is saying we're the little guys here. devin: it is certainly the case that in the alternative asset management world they are not speaking to loudly for fear of regulators. erik: they are not deposit-funded. that is one big factor. they do not rely on wholesale funding either. to make the deals happen, they have to get leverage. the balance sheet -- the assets that they raise, they are equity assets from whoever. stephanie: here is your takeaway -- size matters. thank you for joining us. erik: your first tour of "market makers. devin banerjee, you are a pro. a come back. stephanie: the first tour for the cyber president. much of the campaign will be for in social media. erik: look at this 1 -- graduated in 1971. stephanie: look at that hair. erik: that is all the produces are telling us. you might know more. tweet your guesses. stephanie: i have to take a picture of this stunt. erik: you can find us. number, as i always say, a name i

the first move is a $26.5 billion sale of most of its real estate and mortgage portfolio to blackstone and wells fargo. but ge is not stopping there. the company will dramatically slim down ge capital over the next few years and buy back $50 billion worth of stock. that buyback ties apple for the biggest single buyback ever. wall street loved the moves and sent shares higher by about 11% on the day. mary thompson has our look at the deal and the new ge. >> reporter: in its most aggressive move in 14 years of ceo, jeff plans to slash the ge finance unit. once a strength for ge seen as a drag now. >> we felt from an investors' standpoint this was the right time. >> reporter: right time because low rates mean yield hungry buyers pay for these assets and selling them mean ge may be clear to come out from a stricter regulatory regime mandated for ge's systemically important. the news sent the stocks on a 52 week high earning praise from investors. >> i think ge is doing the exact right thing. now you can understand the company. >> reporter: the structure puts ge on the path to be a pure ind

blackstone is the powerhouse. when people want to steal -- sell real estate assets, they know where to turn. olivia: president will come face-to-face with cuba press desk cuba's -- president will come face-to-face with cuba 's raul castro. how significant is this? peter: it is largely symbolic. we know they will be at the same room. we don't know whether or not there could be a bilateral meeting. it is largely symbolic at this point. that symbolism is important in cuba and in the united states. this is a big moment for the president and for raul castro. it is dominating the summit of america's right now. olivia: the u.s. still has cuba on its list of state sponsors of terrorism. what are the chances obama is going to drop that? peter: g-8 knowledge that the state department has made its recommendation to him as to what should happen with that designation. the recommendation is to drop cuba from the list because cuba is no longer engaged in some of the activities that it has been doing in the past. this is a very i

erik: is your heartbreaking for the blackstone shareholders?ie: listen, i'm not saying that it could not be better. but it's pretty good. ♪ stephanie: she went from being a housewife to a skinny girl and took home 100 million bucks. this is the woman who defined the brand name in the "real housewives" empire. bethany frankel. ♪ >> live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. stephanie: welcome back to "market makers." i'm stephanie ruhle. erik: i'm erik schatzker. overseas financial markets are closing for the day. scarlet we were talking earlier about greek bonds. we had an interview with the german finance minister yesterday. does that explain why the european stocks are tanking today? scarlet: of course you also have the begging of them to take money off the table as well. one group out of 19 industries and managed to come out with a game, and that was personal and household goods. this looks to be big biggest drop in about three months. if you look at how the stock has perfor

i didn't even know that it was owned by blackstone. i just knew that we were renting from invitation homes. >> do i see the real risk that we are heading down the same path? that the lessons learned - the wrong lessons learned - that you can cherry pick the best loans or the best rental properties to keep for yourself and securitize the worst is happening or can happen? i think that is a very real risk. >> if something goes wrong and bondholders aren't getting what they are supposed to get each month and the bond defaults, bondholders through their special servicer can seize the homes, so they can take the underlying collateral. >> that's not very secure for the tenants. >> we think there need to be more protections in that area. we think that's one of the risks and vulnerabilities here.. is that tenants could be displaced if things don't go as planned. >> back in washington, congressman mark takano, who sits on the house financial services committee is a lone voice raising questions about new corporate landlords. >> i represent an are

ge or blackstone?ng earlier. >> who knows more about real estate? who is better at managing it? who is better at maximizing value there? i don't think i need to answer. >> jim come on. both sides can win. >> true. >> you want to dispose of an asset, do it quickly, getting a decent price on the marketplace, and blak stone has capital that can make it happen. >> wells fargo. >> and wells fargo buying $9 billion, that's part of the 23. >> welch says we want to be the best at what we do. it doesn't matter how many we're doing as long as we're the best. has ge been the best at managing these assets over the last you know eight to ten years? i think the answer has to be they've slipped from that standard. in the sense if they can't be the best at doing it they should sell to someone who is better. >> jim good to see you. >> thank you. >> jim stewart. >>> new vehicle sales surge, hitting the highest level for nine years, big profits for auto dealers. find out just how much the dealers raked in and what it mea

brendan: blackstone -- olivia: blackstone earnings just out.rter earnings coming in at one dollar 37 -- $1.37. $310 billion. steve schwarzman has built up the world's largest alternative asset manager and worksdwarfs competitors. blackstone coming in along with wells fargo, buying up a lot of those ge real estate assets. a big beat for blackstone. i'm looking for the net income number. that has yet to cross. stay tuned for an interview with steve schwarzman at 8:00 a.m.. brendan: that deal, blackstone is the only place it could've come up with that capital. let's get back to tom in d.c. he is at the spring imf meeting. clthere is a one-time hit of women entering the workforce in developing countries. there are these donning realizations that maybe the engines of growth that worked in the past are not working now. would you call this the imf of dawning realization? tom: it's the imf in search of an economic growth. we will get christine lagarde for her reality of a permanent mediocrity. we are watching the imf meeting -- much of that is your con

steve schwarzman ceo of blackstone.e will be back with jack lew. ♪ betty: you are watching "in the loop." good morning. i'm betty liu. the obama administration has been dealing with international fallout from u.s. allies joining asia's new international investment bank something the u.s. has opposed. officials are saying that they will work in partnership with the chinese lead band bank. something peter cook spoke more about with jack lew. jack: we have sent to china and other countries, it's important to make sure that you do it right. that you have good governance in place, you avoid having problems with either the social impact, environmental impact or economic impact of the project. i was quite encouraged by the conversations i've had in beijing -- the chinese have heard that message and their focused on having a process in place where their initial projects meet the high standard. we've been cleared to china and to the international financial institutions that we look forward to being able to collaborate, working w

the buyers, wells fargo and blackstone.

blackstone oversaw $81 billion in real estate assets. hillary clinton will make an official announcement for candidacy for president of the united states with an online video. the democrat will then head to iowa and new hampshire. clinton forgoing the typical big announcement in favor of meeting with voters in small groups according to a person close to her campaign. the u.s. senate is working on a bill that would give congress the authority to review the iranian nuclear deal. such a bill would allow congress to block the obama administration from lifting sanctions on iran. here is former u.s. ambassador to israel on whether any iranian deal will get done. >> if it continues to be the case that they want the deal, in the end it is more likely than not if they get a deal i suspect it won't be by that june 30 deadline. eventually there will be a deal. cory: are are some questions about whether the leadership in a run once a steel. both the ayatollah and a ron have warned they won't accept any deal that does not lift all sanctions against i

blackstone we'll talk about later. names that do well on days like this are telling you something. the other sign of the coin. american express is giving up the ghost and feels like it wants to trade lower. >> bonds. worried about bonds. >> no. bond trades, short bonds. haven't backed off from that. this morning, actually you saw i thought bonds would be up a whole lot more this morning. this afternoon when we had that second leg down you got some safety buying coming in there. again that cpi number and oil going higher and inflation expectations going higher could push yields higher regardless of what the economy does. so no not backing off from that. might be painful. >> bonds are really the only flight to safety out there. the u.s. dollar was basically flat. >> that's the thing. it was a very strange day because you should have seen, if we're pricing rhine greece or beginning to try to so people are looking at the spanish ten year and italian ten year, great. but you should have seen the dollar explode back through 98 and a half and ultimately people should be pricing it back to

digging in on the blackstone part of the deal. not many people think real estate and blackstone. >> as discussed is considerably more than that today. blackstone operates a half dozen different business units, including a huge hedge fund investing operation and also their mutual fund complex within that broad mix real estate has become a massive force in fact with 81 billion this in assets under management. it is larger than both private equity and also the second runnerup in size within the blackstone empire, which is actually the gso credit investing arm. >> the troubled luxury tower in december, and chicago's willis tower, the country's second highest sky skraiper formerly known as the sears tower, which it bought just in march? blackstone's top competitors, terms like kkr, are also very active in real estate which has been a key aspect of all of these businesses expansion in recent years during which a number of them went public but blackstone, i must say, has outperformed in the markets sizably, so in terms of the investor co

blackstone group on a real estate buying spree.he world's largest equity real estate investors spending more than $14 billion to buy general electric assets. most of those are opposite buildings in southern california, seattle and chicago. it's also buying ge assets in europe. in a separate deal, blackstone has agreed to buy excel trust or $2 billion. the gap's quarterly profit topped forecasts. the discount brand old navy was the key. old navy's sales rose 11% in the fourth quarter. investors betting the proposed deal with intel is not dead yet. the chipmaker rejected intel's takeover offer. shares are up 5% since yesterday's opening bell. a sign all terror could be pressured into reconsidering. the imitation game brought to life the work of 1940's computer genius alan turing. -- a sign allltera. they will sell the notebook on monday come expecting to bring one million dollars per also for sale, a working enigma cipher machine the germans used to code their messages. coming up at 2:20 shannon with a special report on government in

i've asked spokesman for him does this change anything with blackstone, is blackstone going to reconfiguref the deal or change the metrics? blackstone is going to own a piece of thing when it becomes a public company and slated to become a public company in september. they tell me no, full steam ahead. >> the guy is legitimate certainly. >> one of the best investment bankers in the business but it is a question to be raised will they change specifics on the deal does this prevent the deal from going forward in september. they say no, but clearly it takes 20 million out. >> you have to believe comcast is working hard to save face if this does not go through. does that include maybe charter? >> i've heard that. >> slicing and dicing. >> you've said that in the past, we've had people on here who said that. i will tell you some of my investment talks say -- one of the thing comcasting that is not true. [laughter] but what is my sort -- yeah, there it is another saying that is not true. [laughter] >> take it for what it is worth. >> third ring is it is true. >> you know, comcast has a lot of pr

ge, wells fargo and blackstone representatives declined to comment.nney ceo is telling floor managers he will give them more leeway to select merchandise and make other crucial decisions. he will be replacing the current ceo in august. the stock is down 70% in the past three years. the university of kentucky's basketball team top seven scores say they are leaving the school early to enter the nba draft. the wildcats finished the regular season undefeated and lost in the semi finals in the final four. greece wins more ecb emergency cash and while a deal is said to be just within arms reach, bloomberg caught up with the greek find -- greek finance minister today and spoke about getting along with non-eurozone countries. >> our financial road needs to be dealt with within the european primary. this government is not seeking extra european solutions to what is a european problem. it is a greek problem, a european problem and despite some disagreements, we have to resolve it within the boundaries of europe. greece needs, like every country, to maintain goo

john blackstone has more on what's causing this and what's being done to save them. >> reporter: beachescrowded with female sea lions and their pups born last summer, but in the ocean where the mothers hunt for food fish are hard to find. sea lion pups are starving. they're showing up thin and hungry stranded on beaches all along the coast at a rates some 20 times greater than in a normal year. at the marine mammal center? sausalito about 200 pups are being nursed back to health. dr. clair simeon is a veterinarian. >> they come in 20 pounds less, a little more. they should be closer to 60 or 70 pounds. >> reporter: the pup as arrive often suffering from pneumonia parasites, so weak they have to be fed through tubes. >> we're feeding them as quickly as we can but some animals don't make it. we've seen about a 60% success rate. >> reporter: scientists believe the warm water has driven away the fish that sea lions usually eat. >> we have some of the highest water temperatures ever recorded off the california coast here. >> the fish don't like that. >> no. the sardines and anchovies, they mo

for cbs this morning, john blackstone, san francisco. >> it's a growing controversy that tv dr. oz plans to address on air. he's being accused of promoting quack treatments on his show and the same group of doctors that have said that are calling for columbia university to remove dr. oz from its faculty. dr. oz will air a rebuttal of sorts on his tv show. >> i -- the matter of disfrements, the fundamental of speech is the most fundamental right we have as americans. these ten doctors are trying to silence that right. >> columbia university is standing by dr. oz saying it supports his right to free speech. >>> los angeles is a step closer to getting a professional football team. the city council of carson, california decided to bypass a public vote last night and unanimously approve a plan $1.7 billion stadium. it could become the new home of both the san diego chargers and oakland raiders. l.a. hasn't had an n.f.l. team since 1994. >>> are you forward some football in our area? the 2015 schedule is out and the burgundy and gold kicks off the season at fedex field against the mia

blackstone group also redefines excel trust. they have malls in the southwest and the southeast. the deals cement blackstone's position as the world's biggest private equity investor in real estate. before the deal, they oversaw $85 billion in real estate assets. hillary clinton will make it official sunday and announce her candidacy for president of the united states with an online video. she will then head to iowa and new hampshire. she is forgoing the typical big announcement and is instead meeting with voters in small groups. the u.s. senate is working on a bill that would give congress the authority to review and iranian nuclear deal. such a bill would allow congress to block the obama administration from lifting sanctions on iran. there is former u.s. ambassador to israel martin indic on when a deal could get done. >> if it continues to be the case that the both sides want a deal, it is more likely that they will get a deal. i suspect it will not be my the june deadline and it will drag but eventually there will be a deal. cory: that said, there are questions about leadersh

john blackstone has more on this. >> reporter: some of the perimeter breaches at the nation's busiest airports were captured by security cameras. video obtained by the associated press shows a man walking on the tarmac at chicago's o'hare airport, then surprising a worker as he opens a terminal door. at washington dulles a man goes under the perimeter fence, then rides away on a skateboard. at detroit metropolitan, a woman gets passed a security gate. when stopped by the police, she's found to be carrying knives in a backpack papt san jose air 15-year-old boy climbed into an aircraft wheel well and survived a five-hour flight to hawaii. while san francisco reported the most incursions, airports chose want to submit to the a.p. and some airports refused to provide any statistics including boston and all major airports in new york. doug yakel is a spokesman for san francisco international. most airport incursions in the country, it looks bad. >> i would tell you that we've included everything. we've include the inadvertent, the innocuous, the unintentional. >> reporter: in san francisco

. >>> still to come, up next is blackstone's chairman and ceo steve schwarzeneggerman.rnings alert. blackstone set to report chairman and ceo steve schwarzman joins us first on cnbc to talk quarterly results and the company's big bet on real estate. >>> 100 most influential people in the world revealed. editor from time is here to tell us who made the list and who got left off. >>> the wearable war is on. jawbone teaming up to compete with apple pay. the ceo will join us first on cnbc. the second hour of "squawk box" begins right now. >>> live from the most powerful city in the world, new york. this is "squawk box." >>> welcome back to "squawk box." first in business worldwide, i'm joe quick. nice day yesterday, didn't close on its highs, but we're not indicated with the same situation. at least so far, this morning, the dow jones, see how it's setting it's up for trading today. down 55 points right now, the s&p down seven, and the nasdaq down six. goldman sachs. >> i forgot. >> that's another one i forgot. i got nike yesterday. >> you did. >> united health today. getti

john blackstone, king city, california. >> pelley: we were wondering in the newsroom why food prices aren't soaring after four years of drought. well, it turns out those wells you saw in john's report are filling the gaps so far. and the drought areas are actually producing bumper crops because mild temperatures are ideal for farmers with wells. it turns out that there's only 10% of the cost of food is at the farm. the other 90% is transportation, handling and processing. millennials are doing something a lot better than their parents. and the impossible snowboard jump when the "cbs evening news" continues. ♪ to you, they're more than just a pet. so protect them... ...with k9 advantix® ii. it's broad-spectrum protection k ills fleas ticks and mosquitoes too. k9 advantix® ii. for the love of dog™. when the moment's spontaneous, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medici

blackstone and wells fargo nearing a deal to buy general electric's real estate holdings. blackstone has built the largest global real estate investing business seeing $81 billion as of last year. for ge, the strategy of unloading assets, ge shares rose on the news. iran's supreme leader has refrained from endorsing the framework of the deal last week. the ayatollah said he was neither for nor against the deal. the ayatollah did insist sanctions be lifted as part of any final agreement. california regulators ordering the state's largest utility, pg&e, to pay $1.6 billion for failures under the national gas pipeline explosion that killed a bunch of people in 2010. is the largest in history. more than 2400 safety violations in the decade leading up to that san bruno blast. the company faces a billion dollars in potential federal criminal fines. and global pc sales are falling again. they fell 5.2% in the first order -- quarter. the decline as corporate budgets are cut and consumers are facing an increasingly valued smartphones and tablets. management changes at zynga. the so

john blackstone says the first thing californians may have to lose is their lawns. >> reporter: in los angeles, a company called turf terminators is busy tearing out lawns and replacing them with gravel and drought-resistant plants. it's paid for by a local government program that rebates $3 for every square foot of grass that's gone. today, marise freitas said good- bye to her thirsty lawn. >> we're essentially in a desert, and people are maintaining yards like we live in, you know, the tropics and it's just-- it's a silly waste of water. >> reporter: the mandatory 25% reduction in water use for californians means more and more yards will look like this. ryan nivakoff is c.e.o. of turf terminators. >> we're on a wave of a new era of landscaping in southern california, and hopefully california in general. >> reporter: on average, 60% of domestic water use goes to outdoor irrigation, so that's the obvious place to make the 25% reduction. in santa cruz, those who use too much water are sent to water school to learn better habits, that and hefty fines from $200 to several thousands dollar

john blackstone now on what's a causing this and what's being done to save them. >> reporter: beachesn the channel islands off southern california are crowded with female sea lions and their pups born last summer. but in the ocean, where the mothers hunt for food, fish are hard to find. sea lions pups are starving. they're showing up thin and hungry, stranded on beaches all along the coast at a rate some 20 times greater than in a normal year. at the marine mammal center in sausalito, about 200 pups are being nursed back to health. >> his lungs sound pretty harsh. >> reporter: dr. claire simeone is a veterinarian. >> they come in to us about 20 pounds, some a little bit less some more. l they should be closer to 60 or 70 pounds.r >> reporter: the pups arrive often suffering from pneumonia parasites, and infections, soan weak they have to be fed through tubes. >> we're feeding them as quicklyee as we can, but some animals don't make it. we've seen about a 60% success rate so far. >> reporter: scientists believe unusually warm water in the pacific has driven away the fish sea lions usua

john blackstone, cbs news, los angeles. and that's the cbs ink news for tonight.he world, good night. captioning >>> a failing grade for californians in the drought. the latest numbers show we cut our water use by just 3%. that's in february. that's our worst performance yet. good evening. our drought emergency is prompting one bay area county to take a new look at another source for water. kpix 5's devin fehely reports from fremont with details. >>> reporter: it's about desalinization. the last time it was seriously considered it was to build it in the east bay. but the board of supervisors in santa clara county says if the drought has taught us anything is that desalinization is an idea whose time has come. with no relief in view for the drought, dave cortese says it's time to take a serious second look at plans to build a desalinization plant. >> the old cost analysis that says it's never worth the money or it's not worth passing a few bucks onto the consumer, may be out the window if this drought lasts. people need water. >> reporter: building the plant isn't

john blackstone, cbs news, los angeles. >> pelley: and with that, . >>> an apparent illegal power hook-up cascade of problems ended can a carbon monoxide poisoning of eight people. >>> at frederick county court we see a guilty plea in the abuse case that galvanized foster parents to take action. >>> the u.s. postal service unveiled their new maya angelou stamp but there is controversy about the quote. >>> good evening. >> we have breaking news from south carolina. stunning video of a shooting just surfaced and now a white police officer is facing charges. >> that officer shot and killed an apparently unarmed black man in the back as he tried to run away. the officer said he feared from his life because the man took his stun gun. the video shows the officer firing eight times. the murder charges were announced by the mayor of north charleston today. >>> and new information about the massive power outage that left a big section in the dark. >> this is the power station at the center of it all. the switching station in southern maryland. an insulator broke and hit a transmission line. that l

john blackstone, cbs news, los angeles. >> pelley: and with that, we'll say good nigh >>> john travoltag scientology documentary. >> and he's talking about tom cruise. why reports claim tom hasn't seen his daughter suri in more than a year. >> he and tom cruise never criticize the church of scientology in public. >> what motivated travolta to finally speak out. and is he defending tom. >> helped so many people through hard times. >> and dancing's derek stripped down after the show. was kate hudson cheering him on. >> also, a bold and beautiful actress's courageous story of survival. >> i was on the sidewalk. one of the cars struck me. >> plus, lorraine bracco tells me about plastic surgery and her weight gain. >> 35 pounds. i was really a tub-ol

assets of ge capital sold to blackstone.o authorizing a $50 billion share buy back. 26.20, to 26.27 but by the end of the day it could be up. >> it moved up yesterday because you had the story on the black stone deal coming out. >> up 75 cents or so. how many shares are still outstanding. >> they're talking about the buy back shrinking into as little as 8 billion shares. that's important because you're eliminating an important source of profit from the company but you're going to make up for that so your earns per share number will stay largely the same. they're talking about going between 8 and 8.5 billion so that gives you a sense of the size of the buy back. the only $50 billion buy back we've seen is apple. >> this was over half a trillion. this is one of those companies we've talked about. they get bogged down. cisco, microsoft. maybe apple is different. but ge it was about 600 million. >> it had a 45 multiple. >> it did. >> if you did that now you'd be above that. >> joining us on the squawk newsline, ivan feinseth wit

what happens now as blackstone exits?fter that. ♪ help brazil reduce its overall reliance on foreign imports with the launch of the country's largest petrochemical operations. when emerson takes up the challenge it's never been done before simply becomes consider it solved. emerson. >>> investors in hilton are having a good week. analysts refusing to rule out a report having paid 32 times earnings for the waldorf, chinese insurers might buy blackstone's remaining 5% controlling -- 55% stake. one of the main reasons every analyst entertains the idea the private equity giant blackstone halted offering of hilton in the first quarter, despite the fact its trades at all-time high and despite offloading below 50% would allow hilton to enter the s&p. joining us now, separately is another recent blackstone lodging projecttege celebrating the first anniversary here at nyse, la quinta's ceo, wayne goldberg. >> good morning. >> welcome back one year on. >> it's surreal it's been one year. >> you priced at 17 trade at 23. >> it's con

. >> blackstone, as well. sell out some of its private equity holdings on real estate. assets under management grew overall. more than doubling a year ago. paying out 89 cents a share for the first quarter. you are getting a dividend there in excess of 2% just for q-1. assets under management higher on a year ago despite the headlines you might see. raising $30 billion of new cash for investors. partly for real estate and of course you wonder whether blackstone is a big player. >> he said we are an earnings machine. talked about the ge deal which fell apart a couple of times in the process over a few weeks. said this is not the picture of someone picking someone else's pocket. >> right. they want to make that clear. i did some reporting on that as well. it does appear ge moved with fairly deliberate speed. blackstone was not aware it was part of a much larger announcement, which we spent a lot of time on friday discussing. mainly more or less the dissolution of ge capital overall from ge. they did move quickly

john blackstone cbs news los angeles. >>> once again, every everybody is photographing everything. >> it does raise a question why you're walking up that closely to the operation and trying to record it, right? i guess we're waiting for more details. >> you would certainly hope for a request rather than handle it that way. >> yes agreed. >> now you see the video helps you and sometimes it hurts you. in there case. not a good luck. >> how police say players on a local softball team stole more than a lifetime supply of rare and expensive whiskey. that's coming up next. >>> but tomorrow on "cbs this morning," giving cars a deep freeze. it could be an easy low tech solution to a high-tech crime wave. that story tomorrow. >>> and if you're heading off to work stuff do, set your dvr. you don't have to watch, me charlie, and jeff. you can watch it any time you want. we'll be right back. soil is the foundation for healthy plants just like gums are the foundation for healthy teeth. new colgate total mouthwash for gum health. it kills germs and forms a protective shield for 45% stronger gums. f

, i've been a rooter for blackstone forever.teve schwarzman is incredible. ge did an amazing deal. you have dodd-frank saying you're at $50 billion, regulated beyond anything you can imagine. moving those assets from an area where they used to find themselves -- finance themselves on commercial paper. commercial paper is floating every 30 days. we saw what happened in 2007 you've got cut short and it is over. ge, by getting out of the finance business, the stock goes up $9. they give $90 billion back to the shareholders. what if there is a blip? what if there is a blip? erik: where is the weakest link? mr. barrack: the weakest link is that values are priced to -- stephanie: real estate values? mr. barrack: every value. real estate for sure. if you look at -- everything is dis-intermediate it if you are looking at true assets assets depreciate. office buildings. true rent of downtown office buildings in most urban areas, forget new york city. true net affected rents. leasing commissions, tenant improvements, property taxes. if yo

blackstone's earnings doubled in the first quarter subclassing $300 billion.argest alternative assets manager had sidestepped fallout from declining oil prices. steve schwarzman put the firm's strategy in basketball terms. >> we are like a basketball team without a 24 second clock. we do not have to shoot. we do not have to be invested. we just wait for an easy shot. we keep passing the ball around and go for a layup. we only in private equity have to do 10 to 12 investments in a year to invest money. emily: blackstone led a deal to buy $23 billion in assets from general electric last week. joawbone taking apple pay with its own feature. the ceo explains how it came about. >> we teamed up with american express while ago about how could we use that real estate to create a seamless payment experience and that is what we have done. i think it is -- forget wearable payments, it is the easiest way. you take the device and it has a mark that shows where the tag is. you tap it and that is it. emily: the up4 will sell for $200 and ship this summer. nearly a week after

he said like those companies, blackstone has clients who need the firm.n analogy between what he does and sports. steve schwarzman: we are like a basketball team without a 24-second clock. we do not have to shoot. we do not have to be invested. we just wait for an easy shot. we keep passing the ball and we go for a layup. we only in private equity have to do 10-12 investments a year to invest our money. mark: laxton reported first-quarter profit that doubled from a year ago. the firm said that for the first time it has more than $300 billion in assets. that's a look at the top stories on this thursday. coming up on bloomberg, scarlet fu with a special edition of off the charts and a look at take-home pay of gisele bundchen and tom brady. time for the commodities report. good afternoon. sue: audio higher for a six today, recovering from a dip earlier on concern that saudi arabia has boosted production to the highest in three decades. check out the swing in oil, at one point it was down more than 2%. it regained ground and as you can see it and to d-day hig

john blackstone cbs news los angeles. >>> once again, every everybody is photographing everything. >> it does raise a question why you're walking up that closely to the operation and trying to record it, right? i guess we're e you want. we'll be right back. soil is the foundation for healthy plants just like gums are the foundation for healthy teeth. new colgate total mouthwash for gum health. it kills germs and forms a protective shield for 45% stronger gums. for stronger, healthier gums colgate total mouthwash. i don't want to live with the uncertainties of hep c. or wonder whether i should seek treatment. i am ready. because today there's harvoni. a revolutionary treatment for the most common type of chronic hepatitis c. harvoni is proven to cure up to 99% of patients who've had no prior treatment. it's the one and only cure that's one pill once a day for 12 weeks. certain patients can be cured with just 8 weeks of harvoni. with harvoni, there's no interferon and there are no complex regimens. tell your doctor if you have other liver or kidney problems or other medical conditions.