we collaborate with elan on those, and... >> you're collaborating with elan. >> to help with the drugesting, elan and wyeth had hired a university of michigan neurologist named sidney gilman, and through an expert network, martoma had developed a relationship with gilman, who was giving him all sorts of information. >> elan corp. up two dollars and nine cents. the company and its partner wyeth have started advanced trials for their alzheimer's disease treatment... >> narrator: initially, the news looked good, the trials promising. >> wyeth moved up two dollars and three cents to $58.41. there's great optimism about the success of the drug. >> and over the course of 2008, sac built up a huge position that was really, really bullish on elan and wyeth. and inside sac, there was a thought that it was just too risky to be exposed to those two companies heading into the trial announcements. >> there were several analysts and traders who felt very bearish on elan and wyeth, and they could not understand why martoma and cohen were building up these pretty substantial, unhedged positions. and

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elan musk has a view. get the law changed. now there's a law sitting on my desk now that will let them do something but in the same token makes our state even more anti-competitive from an automobile manufacturer's perspective. that's the kind of stuff you wind up getting put on your desk and then you have to make decisions about how you balance it and what you do. anybody looks at new jersey with the drop of regulations and says i'm someone not in favor of free markets is someone that has a personal interest in it like elan does and he's wrong. >> at the risk of walking into that certainty trap, the fact that your state is not going to make the contribution, you said you're not going to make the contribution to the system does that suggest the achievement which you've been hailing as a major step forward has actually unravelled and is not an achievement because you don't have a funded pension program. >> no. first of all not making a pension payment. what i'm doing i'm making the pension payment we can afford to make and pens

i have used elanes for design work, low price. you put in an order, it is done by somebody around the other side of the world. you wake up and something is done for you. in the old ep days -- olden days i have to engage a designer. >> you are right. it's businesses that are coming online. they want access to the best talent regardless of where it is. they want to move faster, a lot of businesses are using freelance. they skill the business up, they are entering the market. what they do is hire a sales team, a writing team, a designing team to help them get the product to market. as they see traction, bring the jobs in-house. >> rich, what an interesting topic, thank you for joining us to talk about it. very interesting to see how this unfolds and how the work you are doing and online freelancing is a bigger part of the workforce. the senior vice president of elanes. >>> next week we are here from struggling gst shop opener jodie bowland and see if her business is improving. sometimes the idea with big idea is to think small. i'll

the jewish people are a moral people elan says. the people on the other side, they are the ones without morals. they received mourners at their home in a small beach town, a short drive from gaza. hamas rockets are fired over the town on a daily basis. members of their son's unit come to offer their condolences as do the local rabbis. i asked both parents if they could ever imagine the possibility of peace. a day they might even talk with the family of a fighter in gaza. >> elan is quick to interrupt. peace? who are you going to make peace with. hamas? we gave gaza back to them ten years ago, who sits there now. not good people, not palestinians he says. both insist the gaza offensive must continue. the family is prepared for a long battle ahead. i have a girl and two more boys she tells me, the boys will follow their brosh, they will go into battle and fight just like their brother. strong words but still a mother's grief. her son's final steps in gaza are those perhaps she hopes her other children will not have to foll follow. >>

Élan will be talking business with ivory coast, the world's top cocoa producer. >> this is the symbol ivory revival, 47,000 square meters of concrete and more than two years of construction. the cost of 192 million euros. biggestidge is the in 25 years and designed by puig. >> starting such a big activity was not easy after the crisis. it is a good thing that this country is going forward. construction, transport, other sectors favored by french firms. did not havenies recovery. this company makes solar power. they are facing more competition. things got much worse with the opening of the markets over the last two years. >> the kind of companies that arrived were really massive and they came from everywhere. these are competitors we did not even know about not so long ago. like japan, canada, and south africa, more and more countries went to invest in ivory coast. this was built by a chinese company. today, we have several investors, several economic partners who are interested in ivory coast. like all of west africa, it gets very visited and is in a lot of demand. companies, france r

elan, we appreciate you being with us today. don't missteve leesman who will sit down with president obama on a host of the big issues facing the nation. our cnbc special report begins tonight at 5:00 p.m. eastern. sara? >> on to some corporate news now, bill simon the ceo of walmart u.s., details about his pay package. >> bill simon is leaving the company but he's not leaving empty handed. mr. simon will receive a total of $9.17 million, $8.87 million of that is in retirement payments. $4.37 million in accelerated, unvested equity using yesterday's closing share price. plus there's that $300,000 that simon is going to make consulting for the retailer for the next six months. while not related to his leaving, simon also does hold $22.3 million worth of walmart stock. sara, back to you. >> and that two-year noncompete is a lot of money. thank you. >> facebook is certainly a big stock to watch today. shares soaring on the back of blowout earnings. as you can see, they're up over 6% right now. the stock at f you add it all up, up o

and my eldest son, elan wu is going to be middle school this fall, but unfortunately the middle school he's going to is too far away from our home. i think our first choice is hoover middle school, which can provide transportation, which is very good to us. unfortunately the school that we see is [inaudible] valley images school and that school is not even one of the school choices i put in the application in the first place so i think it's kind of unfair. my other two sons, they remain at [inaudible] elementary school next year and as a working mom i find it almost impossible to take three of them to two different school at the same time in the morning so i really hope the district will consider my case and get me out of this difficult situation. thank you. >> thank you very much. next speaker please. >> hello, my name [inaudible] good evening, my name is irene and my daughter's name is isabella hebert. from home to the school. or allow my daughter to take a school bus to alamo elementary school so that -- and then from there then she can be kind of, like, a go to cis from alamo schoo

founder elan musk even prove to the world that you can three d. printing a rocket engine but as is the case with most up and coming technology the military has taken particularly interest in the concept the army is working on a way to three d. prince get this war heads the july issue of army technology magazine spoke at length about the u.s. army armament research development and engineering centers ventures into the realm of three d. printing now a three d. printing is a process of making something from stock materials such as metal or plastic powder by adding in material in a successive layer it's also known as additive manufacturing or a m. with an entire warhead being three d. printed designers can more closely controlled the design aspects down to how the warhead breaks apart during detonation engineer james izumi knows hold army magazine quote once you get into detonation physics you open up a whole new universe the real value you get is that you can get more safety lethality and operational capability from the same space the military would

Élan goes and does tesla and spacex and jeremy and rest you yelp. i do linkedin.because we had this intense experience together we have a tight network. >> who do you call for what? >> that is bold models, i called peter. at the intersection of is this models or business technology, for a willingness to think super big with risk, elon musk. >> what what do they call you for? >> last. >> i heard you are quite funny. >> occasionally. a view of the valley. i am thinking about x, who are the right people to talk about x? >> looking back, was that the right decision? some other members of the paypal mafia think they are better apart. >> it was the right decision at the time and we made it collaboratively. part of the reason was to get to the right level of the payments transaction system. it required much closer connection. you can say is it better inside or outside and one can make good arguments both ways. the argument with is there is still a lot of density. the argument against it is maybe paypal should be with the bank. the evolution is to head there in some direc

. >> reporter: elane dennis and her parents moved into a rental home earlier this week. theirs the first to go. >> it started as a little fire. then next thing i know it's on the back porch, there's pieces flying, hitting us. >> reporter: the family lost everything including pets. >> i got what i could, when i was going in there i almost puked because the smoke was getting so bad and i couldn't go back. >> right now we're working to get all the folks that lost their homes a place to stay. >> reporter: by evening crews got a handle on the scene but not before the fire claimed eight hopes -- homes and damaged three ohs. in addition to burned homes and hard conditions, firefighters had to deal with live power lines. but now pg & e is trying to restore power to this community. neighbors are calling the fire suspicious. but investigators will be combing through the rubble well into the night to determine the cause. meanwhile, sam who lost all of his late wife's belongings until the fire is thankful that nobody was hurt. >> kind of broke my heart. wanted to start crying. but i

. >> elan, you're in washington, you listen to executives, we had several on yesterday, they all decryomplexity, the sort of visiting nature of the u.s. tax code, and they all say it should be reformed. people on both sides of the aisle, they agree, what's going on here? >> well, one of the logistic holdups is in the details of the legislation whether or not got any division to include the companies that were mentioned earlier to sort of put them under the umbrella of any type of prohibition or making it more difficult for these to happen. that's a key sticking point. more broadly, we're in an election year. we're in the middle of midterm election year, midterm campaign and the fact to me obama is focussing on this message of economic patriottism rather than economic incentives to encourage companies to do this. this is a rhetorical device, and this is more of an issue that he hopes will resinate with voters rather than something that will go through congress. >> always in an election cycle one way or another, aren't we josh? >> totally. and this is a key example of that. we'll see how

i feel like we should have seen it already. >> elan, what do you see in terms of price pressures andgoldman being the latest, now saying, look, we think the fed's going to raise rates the third quarter of next year, fourth quarter of next year? >> and the reason is actually because of the unemployment rate. i think the focus on inflation as a concern for the fed moving sooner than it would have otherwise is actually misplaced, that the real issue here is how far is the unemployment rate going to fall, even while we see anemic job growth and possibly anemic inflation. it's going to be -- >> anemic job growth? >> it might force the fed's hand to move. >> michael? >> yeah, i think that's true, because remember, what the fed has been saying -- bernanke actually said this before leaving the fed. his position was, we're going to let inflation run longer than people expect us to let it run -- >> there is a willingness to overshoot the target. >> -- because where we want to have unemployment be so entrenched, or new employment so entrenched, that they're not going to do the double dip depres

. >> i'm going to elan university in north carolina. >> congratulations. and my condolences to you and your parents on the cost of higher education in this country. i have a god daughter who is a freshman there. i'll be happy to introduce you to her. and let me say i am very proud of your testimony and i could not have done what you have just done when i was 17 or 18 and certainly i think the nation has benefitted by your outstanding testimony. >> thank you. >> thank you. >> gentleman from mississippi you are recognized for five minutes. >> thank you, mr. chairman and thank each of you for being here and sharing your expertise on what is a topic we're really just, i think, only really learning about as it's been in the news for several years but it is coming to the forefront in your work and your information and your testimony on the record here today. i think will be beneficial to us. as a parent of a 24-year-old young man with fragilec syndrome i particularly love the things you do. i had some discussion with parents back home and the interesting discuss

i live on elane. i have to go half a mile everyday to pick up my mail at my mailbox. a lot of people go pick up their mail at the post office. i know a lot of people are very remote locations, et cetera. especially in rural communities. more rural than mine but i think with some flexibility, the postal service could inconvenience a few people somewhat but save a lot of money, money that is something provided by other postal rate payers. for the most part, what we're talking about in postal service revenue base is not money from the taxpayer but money from other postal patrons. they are paying for the losses that are ascribed to service that is just economically prohibited. >> all rite. thank you very much for that insight. mr. crawford please. >> just to add to those very thoughtful comments, jim, that i see it as a last resort. when i was on the transition team, the volume in 2008 was 203 billion pieces. 158 billion this year from second quarter results, it will be 151 billion pieces or so in 2014. that 240 -- we're approaching some of the thresholds that are in the

elan musk wants to offer $35,000 electric car.the lithium ion battery to do it. if we're going to fix health care, we got to get at the delivery of care and the cost of care and make that more affordable to provide a more affordable product to everybody. the ac does none of that. the only person that will drive that will be the consumer by the decisions they make, i made a decision that i am not going to follow an alo pathic sick care model. >> does it cover that? >> in some states, in new yorking, you cannot pay a natureopath. in. >> so i think we have to redesign the underlying system. we have to engage the consumer if fundamentally different ways. >> that goes against what we had moved towards under obamacare, right? which was a more bigger system with more government oversight. you should have this and that and this, giving more power to the consumer says, gosh, the product is loot more expensive when it's this hospital versus that hospital. we will go there instead? that's what you are talking about? >> what we found private

-- >> let me just say one thing you know, back to that topic, which is, you know, perego acquiring elanlity, based on a lower cost of capital, and feed on the street in europe to expand its model globally. it has not taken any employees, or any tax revenue out of this country. but is able to grow that company at a much greater rate than they would have been before which allows them to reinvest in all the geographies that they're in. >> look we all want some form of a tax reform. we're not against that. >> up next, can the little blue bird, twitter, beat wall street expectations? we're going to preview their earnings which come out tonight. we've also got an exclusive with the ceo of twitter and julia boorstin after the bell. and get ready to vote. the "squawk box" realtime poll will be open in just a couple of minutes. logon to cnbc.com/vote, and tell us which stock is a better buy, and which social media platform you use more. facebook or twitter. i can predict the results right now. we're back in a minute. being a keen observer of the world has gotten you far, but what if you could se

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