cooperman thinks no. trump back home and back on the phone is tweeting up a storm and starting more battles in d.c. the latest on his agenda and more. and tiger woods' hatest troubles. what's next for him, his brand and his

accused cooperman of insider trading following a five-year investigation.he following month he told "squawk box" he would fight the accusation accusations. >> omega was built on doing detailed fundamental research and complying with the law. we could have settled with the s.e.c. for an amount that is far less -- far less than i donate to charity on an annual basis. but i refuse to do so because i know we acted appropriately and lawfully. it took me 50 years of hard work, very long hours, playing by the rules to get where i am professionally. i'm not going to let them basically unfairly destroy my legacy. >> reports say terms of the 4$49 million settlement were significantly below what the s.e.c. wanted. back over to you. >> thank you. >>> mallinckrodt uses the pharmacy's manager for the exclusive distributor for its drug for multiple sclerosis. yesterday, chanos said the company's use of third parties is questionable. he calls their alliance murky. the justice department is investigating several drugmakers over the pricing practices. a spokesman for express

cooperman thinks no. president trump back home and back on the phone is tweeting up a storm and starting more battles in d.c. the latest on his agenda and more. and tiger woods' hatest troubles. what's next for him, his brand and his sponsors. i'm brian sullivan and "power lunch" begins right now. >>> and welcome to "power lunch." s&p and nasdaq in danger of posting their first declines in eight sessions. it's not just amazon hitting new highs. carnival trading at all-time high levels back to its ipo in 1987. netflix and 3m also at record levels. >> i'm becky quick. we begin with breaking news from the federal reserve and steve liesman, we meet again. >> reporter: brain ard with some very interesting comments saying the rate hike is likely appropriate to happen soon and reduction happening soon as well. it should be on autopilot. it's her comments on the issue of full employment and slowing inflation saying they are at odds. slowing inflation could prompt her to rethink her view and her forecast for addit

leon cooperman's omega advisers settling with the s.e.c.k4st.9 million. the hedge fund has admitted to no wrongdoing. cooperman will not be -- i'm glad about this -- will not be barred or suspended from the industry. in a statement cooperman says he looks forward to putting the matter behind him. last september the he was accused of insider trading after a five year investigation and a month later he told us on "squawk box" he was ready to fight the charges. >> omega was built on doing detailed fundamental vench and complying with the law. we could have settled with the s.e.c. for an amount that is far less, far less than i donate to charity annual basis. but i refuse to do so because i know that we acted appropriately and lawfully. it took me 50 years of hard work, very long hours, playing by the rules, to get where i am professionally. and i'm not going to let them basically unfairly destroy my legacy. >> and -- >> but he has settled. >> yeah. for so much less than they wanted. and like we talked about, jamie dimon has said, you cannot --

>> the ceo of omega advisers, leon cooperman.ing o be his first interview since settling with the fcc. why he decided to settle. he has been very outspoken against the s.e.c. so we'll certainly talk to him about what the ordeal was like as he went through it and what he wants to do now with his business that did, in fact suffer. we'll talk about the markets as well. but we'll talk about what it means to him as he goes forward with his busy. >> i'm looking forward to hearing from lee. there are names we all know and have been involved with, scott. >> amazon crossing a thousand, he owes it. facebook, google. coming off a week where you heard from robert schiller talking about market going up from 50% perhaps and jeremy siegel always coming on our show talk about that juxtaposed against the warnings of singer and others. we'll get lee's thoughts. maybe he'll settle the score, if you will, on the debate of the rally and the risks, and we deal that in about ten minutes or so snow appreciate it. >>> coming up, the impact on business of

cooperman admitted to no wrongdoing. >>> a settlement in the years-long memorabilia suit involving the new york giants and eli manage could be forget coming. the su >>> last night we told you that this is a big, maybe a huge week for the art market with more than a billion dollar of art expected to be auctioned in new york city. have you ever thought about the people who determined the value of artwork or other collectibles? when their opinion on what a collectible is worth changes, it could mean millions. andrea day has the story. >> when they change their minds about the authenticity of the work, the market rises and falls with that. >> reporter: a cezanne bought at sotheby's and exhibited around the world. >> first is the royal academy, then the national academy, before being sold at sotheby's. >> this is a stellar exhibition history. >> reporter: and included in the artist's catalogue raisonne or complete list of his paintings. >> inclusion in the catalogue raisonne is generally deemed to be an authentication. >> reporter: was there any doubt in their minds that this was a cezanne?

cooperman didn't admit any fault and won't face any bar or suspension from trading.xchange operator euronext reported first-quarter net income declined 9% amid lower trading volumes. the company which operates markets in countries including the netherlands and france also said revenue was little changed at 127 million euros. euronext planned to acquire a clearing house earlier this year. aston martin is said to be considering a london ipo as soon as next year. the british maker of james bond cars is seeking to capitalize on the success of ferrari's listing. that is according to people familiar with the matter. at the same multiple as ferreri, aston martin would be valued at $3 billion. ikea aims to double its sourcing from india to more than $650 million ahead of the opening of its first store. the company has broken ground on the outlet in mumbai and has a goal of 25 stores within eight years despite having trouble acquiring land. that is your bloomberg business flash. guy: thank you very much indeed. iranians have begun voting in a presidential election that will e

forget but more important are the faces we will always remember. ♪ >>> i want to remind you leon coopermanesday noon eastern for the hour. we will talk about his settlement with the s.e.c. we'll get his view on where we currently are in the markets as well. final trade time, i'm going to throw out marriott. new high today. doc? >> they have a lot of call ak it tift in here, too, judge. somebody bought 20,000 of the -- 22,000 of the october 105 calls. so screaming hire. merger with starwood, a great company. >> back around the other way. jimmy? >> oil was in the news this week. now what we're looking for is next week's inventory. a huge drawdown. i think that's pinning a lot of hope on a very small item. look, i think you're going to see oil come down because the rig count keeps going up. >> i want to mention financials. the large cap banks and financial stocks are making another run to try to break above their flat or declining. berkshire hathaway, schwab, take a look at these charts. if they get loose, all the stocks in the market. doc? >> wpx energy buying in there, the third energy stoc

looking forward to welcoming leon cooperman. he'll sit on the set with us next tuesday. sue herera has the latest headlines for us right now. >> indeed i do, thank you very much. here's what's happening at this hour, everyone. former president obama receiving a warm welcome in berlin as he appeared at a public debate with german chancellor angela merkel. tens of thousands of people gathered to listen to obama and merkel discuss democracy at an event marking the 500th anniversary of the protestant reformation. >> i have to say first of all that not only do i love this city, but one of my favorite partners throughout my presidency is sitting next to me today, chancellor merkel has done outstanding work. >> nearly 100,000 pounds of precooked sausage products are being recalled because they might contain metal. the recall includes 16.6 ounce packages of cheddar breakfast sausage with a use by date of august 17th. >>> siesta key, florida, has been selected as the best beach in america. it's the second time in seven years it's been given the top award by a professor at florida

canionaire leon cooperman continue raising money for his hedge funds.anted cooperman a waiver for his status that was jeopardized last week. he agreed to pay $5 million in insider-trading allegations, triggering automatic penalties and making it difficult to raise capital. and that is your business flash update. now, coming up, a pretty fascinating story. the bernie madoff fund has paid millions in a payout and none to the victims. we will talk with the bloomberg reporter who broke the story, next. this is bloomberg. ♪ this is "bloomberg markets." scarlet: the firm hired to distribute payouts to victims of bernie madoff's ponzi scheme has racked up $40 million in billings and four years. the victims, in the meantime, have received nothing. eric larson joins us now, he freedome story filing a of information act request of the justice department after receiving complaints from madoff's victims. whenever we talk about ernie madoff, i always -- bernie madoff, i always think about the money. this is different from what irving the card has been doing? eric: r

trying to say that cooperman will have a monitor for five years, which they are saying scarlet: likerobation? >> kind of. they want to protect investors. they say we have someone in their monthly, saying they are not trading on nonpublic information. julia: and i was being a bit facetious asking why he settled, but each cases individual. do we think this is a game changer or pivotal for these cases going forward? other going to be situations where that he profited from these traits to the tune around $4 million? interesting that that matches the amount, almost matches the amount that he paid back. but there is no further penalty, and a sense. >> there are facts on both sides that they could look at. for cooperman, $4 million is not that much money, but the sec was going to say we have an executive who supposedly he said i will not trade on this information he was most likely saying he testifying, was not allowed to. but what was holding him up was the ban and not having the van, -- or million dollars, with 4 million dollars, with litigation alone is going to be more than that. it fro

cooperman has agreed to a wider penalty in that insider trading case brought by the securities and exchangession. pay $4.9 million and there will be no impact on his ability to running his hedge fund. tougherd refused settlement offers because he said he did nothing wrong. global news 24 hours a day powered by more than 2600 journals than analysts to more than 120 countries. our mark crumpton, this is bloomberg. david: thank you. we are not seeing as many companies go public as in the past -- that something ahead of josh jay clayton says he like to see this changed. have -- jackie, let me start with you, what kind of diminishment have we seen in terms of ipo's? slower definitely been this year. especially as it relates -- two 2016. we've seen a pickup in this first quarter but -- the momentum that has been building is fantastic. think we'll see more activity as we move through the year. so when you do think about these claims -- the appeal market is broken, we need to fix things. i look at companies out there, they seem a more mature than they were in the early 2000's. what actually does ne

. -- betty: your good friend, lee cooperman, he settled with the fcc.you saw that did you say -- lee, you did the right thing there? phil: there's no question. lee is a super guy, one of the most honorable people i've met on the street. i was happy to see him put this behind him. he and i talked a little while ago. it's very challenging but it's nice to see that he is kind of crossing the t's and dotting the eyes and moving on. betty: moving on like you, phil. great to see you. phil: thank you very much. and anphil falcone exclusive interview. david, back to you. david: fantastic interview. coming up, political turmoil following donald trump. his communications director is out after three months on the job. more reports on the jared kushner involvement in russia. this is bloomberg. ♪ david: this is "bloomberg markets, the trump economy," i'm david gura. first word news this afternoon, and a has more -- emma has more. emma: the trump administration has not -- not a vanity laptop than two airlines coming from europe. both sides have agreed to intensify ta

later on exclusive with leon kuku cooperman of omega advisers. think again. ork? the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov say carl, we have a question about your brokerage fees. fees? what did you have in mind? i don't know. $4.95 per trade? uhhh. and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and commissions back if we're not happy. so can you offer me what schwab is offering? what's with all the questions? ask your broker if they're offering $4.95 online equity trades and a satisfaction guarantee. if you don't like their answer, ask again at schwab. ♪ >>> time for cramer stock trading. >> long weighted consolidation in oil it starts small and maybe it gets bigger. this is ensco buying atwood oceanics. i'm not saying this is the beginning of something major but it's made so much sense for

we had leon cooperman coming in, many in energy.e lower end names, it's not exxon, it's not chevron. it's in some of the trafficking names as well -- fracking names as well. >> i look at opec's decision last week, i think it's great. i think they will manage the markets well until 2018th. think we are well ranked now. >> over the ipo? >> i find myself in the middle. in the short run, people are overdoing moves in in ohio you had moves greater, 11 than 10, '. it will setting at 47 pin 50 in my view. plus, conconventional is greater than opec thinks. i think the efficiency is there. it's not i never knew this. i think the efficiencies are getting almost unbelievable. i think opec can't fight it at some point. >> a few weeks ago, we said avoid slumberge. those names are under pressure t. one that sticks out like a sore thumb besides exxon is anna darkco pe -- ana darko petroleum. if you want to trade something, i think ana darko petroleum for $50. risk reward is here. >> our next guest says there is something in the chart that suggests

liam cooperman has agreed to a lighter penalty.will pay $4.9 million in there will be no impact on his ability to keep running his hedge fund. he had refused tougher settlement officers because he said he did nothing wrong. about twice what the government wanted to settle. about $16 million to charity. forhey asked you to settle $8 million? >> you give somebody money if you've done something wrong. if you've done nothing wrong, you don't give the money. $5 million for most of us would be a real money. or him, it's not going to change his lifestyle. jonathan: it changes the fund. 3.5.now down to about it has taken a big hit. the back story to all of this is fascinating. reports around september, it was a family member at another fund that noticed suspicious activity around the company. to thered off a letter company asking for an investigation. little did they know that would spark an investigation on leon cooperman. think it has taken a hit on the fund and his reputation. alix: the highlight is he did not in a band. steve: it out o

joe: breaking news -- longtime hedge fund manager leo cooperman has agreed to settle a civil .nsider charge that settlement is for $4.9 million. from new york, this is bloomberg. ♪ oe: "what'd you miss?" brazil's president says he will not resign despite pressure to do. sending hushof money to a jailed extent beating. we saw brazilian stocks and the real absolutely getting crushed today. -- he's accused of sending hush money to a jailed ex-deputy. big does this incident said the country back in terms of credibility in the market, the economy, all that stuff you can >> incredibly. we had just seen brazil's numbers start to get better. economic growth have finally turned positive. they were getting traction, and suddenly, this clinical crisis -- and this really is a step up from those before -- throws it all into question -- this political crisis. we have seen some of the plea name him, but those beforer alleged crimes he became president, but these allegations have been a few months ago, so they were allegations he took while president. he will not have immunity. those are actions he

yesterday, we interviewed lee coop cooperman of omega, amazon may be hard to justify the valuation. it. it continues to go up. >> it's been hard to justify the valuation. >> yet -- >> every single day. yet, we know the 20 year performance of that stock. if you owned it, luckily even off ipo. speaking of valuation, tesla shares up another percent after a decent day yesterday. >> it was. yeah, kind of, you know, broken out above what was kind of the top of its range. and of course if you're going to try to make the bold case for tesla the first thing out of your mouth is probably amazon. they thought it was only books back then, it was way overvalued but not endorsing that view of course. one of the differences is that tesla needs capital constantly. it burns a lot of capital and basically needs to raise equity and debt. i believe after the ipo they were one secondary and for 20 years it's self-financing. big differences but i think that's the conversation around tesla right now if it can be, if it overtakes huge chunks of the economy. >> art was watching the oil into trade. it's gett

cooperman, also the sec settlement is pending court approval, but as a part of the se settlement, omegae will report back what we learned. >> any quick thoughts here? >> it is remarkable that he actually fought it to this point. a lot of people thought a settlement was coming. presumably if they not admit or deny faults. we will see if it improves. it doesn't seem like a bad outcome for him. >> ibm having a pioneer, i should say, having employees work from home. but it's changing its tune. we will tell you why coming up. it's on all my mobile devices, so it suits my mobile lifestyle. and it keeps my investments fully mobile... even when i'm on the move. sign up at etrade.com and get up to six hundred dollars. welcome to holiday inn! ♪ ♪ whether for big meetings or little getaways, there are always smiles ahead at holiday inn. but we've got the get tdigital tools to help. now with xfinity's my account, you can figure things out easily, so you won't even have to call us. change your wifi password to something you can actually remember, instantly. add that premium channel, and watch the sh

leon cooperman has agreed it to a lighter penalty in that insider trading case.re will be no impact on his ability to run his hedge fund. he had refused tougher settlement offers because he said he did nothing wrong. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries, this is bloomberg. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries, this is bloomberg. guy: thank you very much indeed. iranians are casting votes in the presidential election happening today. there is a tight race between the encumber moderates and the conservative cleric. the vote comes a day after iran struck back against french -- fresh sanctions. give us a flavor of what is happening. are they turning out to vote? me, thean see behind crowd is as far back as the eye can see. there are 55 million eligible voters. you can see behind me on the right, that is some riot police. in terms of how this is going to play out in terms of the result, they can vote until 11:00 this evening. there ar

. >>> as we get to a quick break a quick programming note don't miss lee cooperman live on the halftimesince settling with the s.e.c. that's at noon eastern time. "squawk box" will be right back. there's nothing traditional about my small business so when it comes to technology, i need someone that understands my unique needs. my dell small business advisor has gotten to know our business so well that is feels like he's a part of our team. with one phone call, he sets me up with tailored products and services. and when my advisor is focused on my tech, i can focus on my small business. ♪ ♪ rumor confirmed. they're playing. -what? -we gotta go. -where? -san francisco. -when? -friday. we gotta go. [ tires screech ] any airline. any hotel. any time. go where you want, when you want with no blackout dates. [ muffled music coming from club. "blue monday" by new order. cheers. ] [ music and cheers get louder ] the travel rewards credit card from bank of america. it's travel, better connected. >> welcome back to "squawk box." it is time to take a look at what is working. our next guest is bett