david: i see.t met this lady, we would have gone back to france and i would have, you know -- david: you might be in private equity. yo-yo: or i would be kissing you on both cheeks. david: right. you were already fairly accomplished. now because we are in the kennedy center -- yo-yo: it depends on how you define accomplished. david: by almost any normal standards you were already well known. because you had already met pablo casals, a man who many consider the greatest cellist of the first half of the 20th century. how did you meet pablo casals and what did he think of your playing as the young boy? yo-yo: well, i think i was taken to him at age seven, and i have him, you know, writing something in my autograph book, and i played for him and he said, hmm, very good, and says, but you should always also go play baseball. which is very interesting, because at that time he was in his upper 80's probably, and one of the things i remember his saying, maybe in that autobiography or in an interview, he sa

and it just -- ginni: still is, david. [laughter] david: ok. ginny: ok. david: all right.you think it has the same strength in the computer world that it had in the 1960's? ginni: to me, i would answer that ibm is great, but for a reason that you did not mention. um, i think the greatness of a technology company is if you can reinvent yourself over and over. and i say, we will watch and see, because it is one thing to reinvent yourself once, then twice, but do it three, four, or five times. this is a really competitive industry that we are in, and i think we do something very unique. because it is one thing to have technology. it is another to have the know-how on how to use it. all right? so i feel what has made us distinctive in, while while we have gone through all sorts of products, i think the one kind of silver thread is that we really do help change the way the world works, and i go back to the beginning in time, i mean, way back. ibm started -- it wasn't ibm actually at the time -- cheese-meat slicers, then it was clocks, tabulating, and then it was an era of, as y

david: well, it's perfect. yo-yo: some people say yes. david: you have an older sister. she was playing the violin, as i understand it. and so your father said, he was a music teacher, why don't you play the violin as well? so why did you not become a violinist? yo-yo: well, first of all, my sister played much better than i did. and there is actually something i think in each person that is innate in terms of the kinds of sounds you like. you know, um, so for example, i somehow didn't think i could make a good sound on the violin, and, but, so i did not play any other instrument for a while until, i did not even here the sound of a double bass, but i saw one and i thought as a four-year-old, that is a big, big giant instrument. i want to play it. as four-year-olds might do. david: ok, and your father -- yo-yo: so i started saying, please give me a double bass. i want to play it. there was no double bass i could play. the cello was the next best instrument. david: so you started playing, and did you notice other children your age were out playing while you were practicing

david: i am. ♪ yo-yo: that's it. david: wow. yo-yo: you did it. david: great. ok. i'm ready. you very much. that was great. ♪ ♪ nejra: mifid begins. the new regulations started out without major glitches, but what bumps could come down the road. we'll be putting that question to steven maijoor, the chairman of the european securities and markets authority, shortly. and mifid around the world. investors as far away as japan are worried that mifid could stunt the bull run. what will be the global implications of the e.u.'s new rules. welcome to "bloomberg markets: rules & returns." i am nejra cehic in london. "rules & returns" is the show where we delve into the regulatory challenges and opportunities for financial markets across the globe.

david: oh. it was true in the sense that once the offering was open, because it was first come, first served, there was a lot of demand. and 23 hours later it was filled up, but it took a number of months of preparation. david: that makes me feel better that you didn't just do it in 24 hours. how much do you manage now overall? paul: i think it's $34 billion at this point. david: so you started your fund in what year? paul: 1977. david: how much money did you have then? paul: $1.3 million. david: where did you get that? paul: it was friends and family. i was a practicing lawyer and in early 1977, i decided that what i had been doing managing a small amount of -- a tiny amount of friends' and family money was much more interesting than practicing law. david: you grew up in new jersey and manhattan and you went to the university of rochester, and then harvard law school. paul: right. it was a wonderful experience, but it was a daunting experience, especially because i didn't exactly like what i wa

david: you don't do it anymore? dr. collins: i do. i started again. david: oh. dr.s a wonderful ride. i ride my motorcycle to work many days. it is a harley davidson king classic. it is a beast, and it gives you a certain sense of enjoyment of life that is hard to come by other ways. david: let's talk about another part of your life. when you were younger, if not an atheist, then an agnostic. how did you transform yourself from being either an atheist or agnostic to somebody who is a committed christian? dr. collins: it does seem like an odd story, doesn't it? growing up on the farm, my parents were not opposed to religion. they just did not think it was particularly relevant, so i had no religious background. i got to college, those conversations in the dorm about what did people believe. i did not think i believed in any of it. so i was an agnostic, but by the time i got to graduate school, i was shifting to being an atheist and i would not be too comfortable keeping quiet if somebody was talking about the supernatural. it is all about nature and how you study it

david: you weren't? abigail: abigail: this was the equity market in the 1970's, david.ody in the equity markets in the 1970's was famous. people thought the equity markets were dying back then. i mean people were asking my father, why are you still doing this? david: so you grew up relatively modestly, you would say? abigail: we were comfortable, but not any lifestyle that anybody would be wanting to show on t.v., or be particularly impressed with. [laughter] david: you knew you wanted to go into business and go to harvard business school, or not? abigail: i was definitely thinking about business school, but i would not say i had the confidence to be sure that i could actually make it there and be successful. after i finished in college, i wanted to go into business and get a good business experience. i had worked at fidelity during the summers, so i came here to new york and i worked in the strategy practice for management consulting firm booz allen hamilton, you know well, and that was a great experience. i had been a liberal arts undergrad, so being immersed in busin

david: ok. david: ok.when donald trump one was the nominee of the party, did you support him as the nominee? paul: i voted for him. david: ok. paul: and there is -- i was not going to vote for hillary clinton, as some of my republican friends did. and i became optimistic about some of the opportunities in economic growth and regulatory reform, tax reform. david: has donald trump invited you down to visit him? did you know him before he was elected president? paul: i did not. i invested in his bonds a couple of times. david: ok. [laughter] david: those were high-grade bonds? [laughter] paul: they were on the date of issue. [laughter] [applause] david: they later became high-yield? paul: and below. david: right. [laughter] david: so, have you seen him since he is president and have you given him any advice? paul: i visited the white house once a few months ago and we chatted a bit about taxes and economic policy. david: you have given a lot of money, raised a lot of money for republicans. do they listen to y

david: so what about camp david? most people have never been to camp david.t is it like it camp david? it is a great place to have a retreat and relax, or is it really overrated? mr. clinton: no, i liked it. it is a great place. particularly if you -- i loved it most at thanksgiving, because i would bring all the family. i liked it when chelsea could bring her friends up there. and you have a little more -- at least you are under the illusion that you have while you are on the ground more freedom of movement, more wandering around time. it is great just to get away. mr. bush: i we went there a lot, and we went there a lot, and probably used it more than any president. maybe ronald reagan did more. but the reason we went a lot is one, we could invite our friends. one of the great delights of the presidency was to invite friends we grew up with in midland and show them the oval office or show them camp david. but other thing i liked about it a lot is i like exercise. the place is set up for a lot of hiking, running, mountain biking. there is a wonderful gym. i

david: the only time i have ever stopped at 50, david. [laughter] david: ok.] david: if someone wants to be the president of united states, is the quality that is most important hard work, intelligence, optimism, luck? what do you think it takes for somebody who says, i want to be president? i want to be like you? i want to be like you? pres. bush: humility. i think it is really important to know what you don't know and listen to people who know what you don't know. pres. clinton: i also think that you have to begin with the end in mind. that is you have to say, yeah, you have to win the election, but why in the heck are you running? if you want to be president, realize it is about the people, not about you. when it is over, and that is what a lot of these people who are real arrogant in office forget, time passes, and it passes more quickly than you know. you want to be able to say, people were better off when i quit, kids had a better future, things were coming together. you don't want to say, god, look at all the people i beat, or the people i worked over.

david: ok. dr.lins: and it is also fundamental to life and fundamental to medicine, so by the time i was halfway through my first year as a medical student, i knew i wanted to be a geneticist. david: let me talk a little bit about something you did that brought you to national fame and attention, and that is the human genome project. what is the human genome project and why do we care about you r having co-discovered it? dr. collins: good question. what is the genome anyway? it is the entire construction book written in the language of dna for an organism, so we humans have a genome, and so do other living organisms, plants, animals, plants, bacteria. they all have a genome. ours is pretty big. if you think of dna as a language, it is an interesting one. it has just four letters in its alphabet. which we call a, c, g, and t. because they are abbreviations for chemical bases. our genomes are 6 billion of those letters. you get 3 billion from mom and 3 billion from dad. that is a lot. although it is p

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david: lelt's talk about ibm. it is a hardware company, software company, consultant company, what would you say it is today? ms. rometty: keep going. right. when i say first off an enterprise company, right, we uniquely live at that intersection of tech and business. and then as you said, over time, we've built hardware. then we layered it with software. we integrated on to that services. now as i say we're becoming a cloud and a cognitive solutions company. there will be another reinvention of ibm in the future. today it is about that. it isn't about the technology. it's cloud, a.i. right now. it's the why. as i say to all my colleagues, i feel like we're the champion for business. i'll tell you what i mean by that. right now, if you ask me to pick one word what ibm is reinventing around, i would tell you it's the word "data." there is gold in that data and to me we are on the verge of companies being able to use all that. to me this is companies to go on the offense now against start-ups, against disruption. yo

david shannon was executed. the intruder came in while he was sleeping, placed a gun to his head, and shot him in the chest. >> and joan? the shock of it didn't help, of course, nor the fact that she was sound asleep when it happened. by the time she calmed down enough to talk to police, she wasn't very helpful. >> i did not clearly see the person who shot david. i'm not sure if i saw or just had a feeling of somebody just leaving the room. but -- i thought it was a shadow. >> did you actually see a shadow or did you tell the police you thought it was a shadow? >> it was a movement, like a shadow that left. >> she tried to follow the intruder down the hallway. she was worried about the safety of the children. she returned back to her bedroom. that's where she made the 911 call. >> the children. joan and david's eldest daughter daisy was out of town. but their two young boys, just 7 and 10, slept through it all, unaware of what happened. down the hall was shannon's 15-year-old daughter elizabeth, who told the cop

david? david: they're all in it together over in new jersey, right, judge? >> david.avid: the senate reportedly has the votes to pass its measure on to the house next while the fingerpointing still continues. democrats are slamming republicans for the government shutdown, but the white house claiming a huge victory what they still call the "schumer shutdown." dan henninger is responding to it after the break. >> we laid out what we want and we hope that democrats, we know they agree on most of those components and we hope that they will come to the table to actually make a deal and less focused on playing political games. that is awesome. strong. you got the basic, and you got the beefy. i just think it looks mean. incredible. no way. start your year off strong a new chevy truck. get a total value of over $9,600 on this silverado all star when you finance with gm financial. find new roads at your local chevy dealer. david: with the senate still counting votes to fund the government and end the shutdown the president is now meeting with key democratic senators at the w

david shannon was executed. . the intruder came in while he was sleeping, placed a gun to his head, and shot him in the chest. >> and joan? the shock of it didn't help, of course, nor the fact that she was sound asleep when it happened. by the time she calmed down enough to talk to police, she wasn't very helpful. >> i did not clearly see the person who shot david. i'm not sure if i saw or just had a feeling of somebody just leaving the room. but -- i thought it was a shadow. >> did you actually see a shadow or did you tell the police you thought it was a shadow? >> it was a movement, like a shadow that left. >> she tried to follow the intruder down the hallway. she was worried about the children, so she returned back to her bedroom. that's where she made the 911 call. >> the children. joan and david's eldest daughter daisy was out of town. but their two young boys, just 7 and 10, slept through it all, unaware of what happened. down the hall was shannon's 15-year-old daughter elizabeth, who told the cops she was a

david: crumbs pathetic? if the good news keeps coming, how can democrats keep running against these tax cuts? hey, everybody, i'm david asman, welcome to forbes on fox. let's go in focus to go with steve forbes, sabrina schaeffer, john tamny. steve, will democrats regret calling the benefits crumbs? >> most people will get a tax cuts and they will hope their tweets give them something else to run on the. the republicans made this from a grand slam into a single, but they didn't get the sweep they should have. most americans will come out ahead and see if the republicans can communicate that in a way that people understand these are tax cuts. david: bruce, even democrats that are involved in stocks and business like warren buffet say this is going to be terrific for americans. i think that democrats if they keep holding onto the idea that these are crumbs and americans see them as more than crumbs. that's bad for democrats, no? >> well, i mean, i do think that they should focus more on the president's comment

david. lou: kevin corke thank you. >> well congress returning to work this week with a long to do list, there is unfinished business on spending, immigration and infrastructure, unfortunately for republicans they have a smaller majority in senate to det it done, fox news chief congressional report mike emanuel with a report. >> congress starts 2018 looking at late night january 19 deadline to fund government or there could be a partial government shut down. i hope it is through the end of the fiscal year. we have a lot of national security requirements to be met, and we have not been keeping up with that. reporter: white house official tells fox business director mick mulvaney, we'll meet with big 4 leaders of congressional capitol tomorrow, with a two year budget cap to be a major topic. president trump is also pressing lawmakers to act on infrastructure, that could attract bipartisan support. bullpepresident tweeting about immigration. setting a march deadline to resolve it. -- daca activi

david: first to our top stories. president donald trump, is back to work at the white house with a very full plate for the new year. the clock is ticking, to make progress with congress before they shift their focus to midterm elections. a look what the president focusing on coming up. great courage behind the protesters. u.n. ambassador, nikki haley and president praising those risking their lives and some losing their lives to rise up against tyranny in iran. more on the deadly up rising in iran to come. >>> former u.n. ambassador john bolton on what action must be taken to support the protesters. >>> the deep freeze is hitting big portions of the country including the south, texas and florida, experiencing temperatures 10 to 30 degrees below average. what will it do to the southern crops? very latest details from the weather center and how long this will last. gerri: a lot going on. the dow ending the day in the green, led higher by shares of disney, general electric and chevron. speaking of energy, crude still ab

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stay warm, david, i'll see you. david: thank you, we'll be watching. a new report revealing tens of thousands of federal workers making more than three times what the average private sector employee earns. is that fair? we debate it coming next. i'm a fuzzy, yellow tennis ball dangling from a string to help you park safely in your garage. it's part of my new year's resolution: no more mayhem. making sure your car is pulled in far enough... but not too far. ♪ >> is it fair to tens of thousands of federal workers are getting three time more than the average private sector worker? a new report how taxpayers may be getting a raw deal. ♪ we know life can be hectic. that's why, at xfinity, we've been working hard to simplify your experiences with us. now, with instant text and email updates, you'll always be up to date. you can easily add premium channels, so you don't miss your favorite show. and with just a single word, find all the answers you're looking for - because getting what you need should be simple, fast, and easy. download the xfinity my account

david: unbelievable. melissa: all three major averages ending record highs up nearly 2% or more, making this the fourth straight week of gains. i'm melissa francis. happy friday. david: you know you sling anything you want at this market, takes hits and keep on going. i'm david asman, happy friday. this is "after the bell." more on the big market movers, here is what else we're covering on very busy friday. american open for business. the market certainly saying that. so is president trump, delivering his message on the world stage at davos this morning. now on his way back home to the white us, more on what he was able to accomplish on his trip abroad. the president now looking ahead to his first state of the union address. this coming tuesday. we'll speak with an army veteran who scored a seat for that event. his story coming up. what we now know about the newly-ache acquired texts between peter struck and lisa page and their strategy interviewing hillary clinton during the fbi investigation. chris farr

david: david, david, please. >> david i have to get the facts out david. >> the fact is that the tax cuts did not kick in until after the recession. once the tax cuts kicked in in 1983, the recession was pretty much over. in 1983 we grew by 4%. that was a hell of a juxtaposition from a recession. >> well i was there, i think i know more about it than you do. david: just quoting the facts from the treasury department, david. you know that. >> the facts during eight years of the reagan administration, real gdp grew at 3 1/2%. david: but the tax cuts did not cut in until 1983. >> it doesn't matter. david: of course it does. look look at growth stats. four peers in 1983. 7% in 1984. don't you think you have part of that bump. >> no. that was after deep recession. we're 10 years after the last recession. that is apples and oranges. the numbers you're using don't make any sense. >> the numbers you see on left-hand side of the screen are from the treasury department. >> the treasury department is run by people who don't have, don't have a clue about real economics. okay. i'm sorry. david: a

david: david, thank you for joining us.poke with roger cohen, who sees more deregulation coming, particularly for regional and community banks. >> i think we will see significant deregulation, although the focus is likely to be on the smaller to me to banks, the midsize banks, rather than the very large banks. david: joining us over the telephone is john allison, a former chairman and ceo of bb&t. and this was before he retired. welcome back to the program, good to have you on the telephone. you heard what roger cohen had to say, this was something you were hoping for, do you see it coming forward in 2018 to get the regional community banks getting some deregulatory relief? john: i do, i think it is good for the economy because the regulatory pressures played a significant role in the relative small business poor growth rates, so i think the regulators, they have a huge amount of flexibility in how they interpret regulation. we have relive regulators, and i think -- rule of regulators, and i think we will have relief for th

david: i'm david, in for lou dobbs. well president trump today accusing russia of violating international sanctions against north korea. the president telling routers, the kim va yeem is closer to full nuclear capability ever day and that the kremlin continues to see north korea supplies undercutting a chinese effort to restrict oil and cole delivery to the nation >>> the department of justice highlighting america's dire need for immigration reform. ed 0 callahan telling reporters our immigration system is filled with loopholes that threaten national security on a daily basis. >> i know that transnational criminal organizations and other individuals and entities that wish to harm the united states undoubtedly seek to exploit weaknesses in our immigration system but it benefits them in accomplishing their unlawful schemes. president trump's immigration policy is designed to serve the interest of national security. david: joining me, sebastian gorka. dr. gorka, these were extraordinarily sobering words. i think he made th

david, i forgive you.'m not going to allow myself to let you rule my life anymore. >> but gayle says she would still like to ask her former son-in-law a final question. >> i wish david would tell me why. and how could he ever harm such a nice person. i mean, nici was -- was such a good person. >> the hardest question, always the "why?" the coldest fact, the young woman gone too soon. >>> that's all for now. i'm lester holt. thanks for joining us. >>> three people come to me wearing suits, and one of them tells me that he hadn't made it. and i was like, no, he did. just go check. they come back and tell me, mrs. hall, your husband didn't make it. >> two women racing down a texas highway. >> she saw me, and then made the u-turn.