this morning we had chris whalen on. he knows a lot about banking global and domestic.'re all programming. trading options. look at the risk-free rate. any associated with the treasuries or high quality sovereigns always considered risk free. why? because they tend to be built on good behavior. but now it's built on bad behavior so is it as risk free? i'm going to give you a list of anecdotal evidence of what's going on in the last several days that continues to point to things where abnormality is becoming more normal. canada, i know one p.m.i. doesn't change everything. but the ivy school in business of canada has their p.m.i. and they were expecting in the 57, 58 number like last month. what they ended up with was 51.2 and employment was below 50. europe, everywhere you look. we know we had the ecb meeting today but the markets speak vom volumes about the aftermath of the digestic process. the euro currency is still holding on to its losses. and the we also sold bund yields back to 82, 83. so they didn't keep it. something to pay attention to. belgian protests not. a

also, chris whalen. our twitter question of the day -- who makes a better boss, mba's? ♪ >> good morning, everyone. it was a quiet wednesday. now we have further breaking news. beenw chemical, which has under pressure from activist investors like third point has moved to increase its dividend by five cents. it is also adding to its share billion stock buyback program to boost the price. >> robert kaplan is with us from harvard as a school. christopher whalen is with us as well. betweenok at this link finances and investment, chris whitman, let me start with you. as we look at the 2015 buyback use of cash, it is a drug, isn't it? >> 30 much. you love or the company up and you buyback the stock. -- >> pretty much. you letter the company up and you buyback the stock. >> is the banking industry ready for that now are not? don't think so. the losses have kind of draft in terms of low losses. i don't see a lot of growth. you are talking about it percent to 10% return on equity business now. >> did you you here that, mr. kaplan? do hear that. mergers.see more mix you think jam

. >> chris whalen with us, let me do a daily check, stunning markets, oil 69--- 69.17 per barrel.ing everyone this is bloomberg "surveillance." with me today is joe weisenthal. thee mentioned through morning oil is the number one story and it is this stunning -- it is stunning. kleiman thisf important moment in this interview. what begins to unravel for oil finance? talking aboutly the modular barrel getting hit you need a handle on wti, you to get below 60 if you really what a start having a problem for the show producers, credits got movers in some of these names but it could move further. >> if you look at the announcement out of opec how large a surprise is this to the team? >> not much of a surprise at all, it only seems a big deal getting done by this disparate group of opec members was extraordinarily low. it was a huge deal for the economy that they would derail by joining in and that russia would somehow they'll out qatar, it seems pretty far-fetched? >> this new trend that we are seeing how long could at last? we would get back to the 90's with $20 oil or is that out of

. >> good morning, sara and chris whalen.for taking the time this ecb thursday morning. >> indeed. >> i look at what the write-ups were for the press conference. i watched as much as i could. i look up at the board. currency held on to its losses. 1.25 to 1.24. dax gained back and bund are down. what are the markets telling us about that press conference and mario draghi? >> there is nothing new here. europeans, japanese, the fed are running away from the problem which is if there is too much debt in europe, debt uncollectible and it's weighing on growth. easing money is the first step. the second step is restructure. the only germans who are paying off public debt. you can't push up prices without that's the key problem. >> all very fascinating. you basically are saying that the problem here in make that l of a problem would be to find reasons for outsiders to buy more debt. >> that's right. >> which harkens back to a spot you did with kelly and sheila bair on closing bell i loved. giving a certain type of treatment to treas