security seniors are having a hard time it can't be the food centers but make sure their better endo you do we put money into the food security for seniors in particular because costs were going up drastically a plate of healthy food was used to be one dollar 050 and people can get that but now four or $5 so with we have to make sure the services were there and housing is incredible part of that that are but all to say that everybody in this city is stepping with the affordability agenda prosperity agenda i don't want to miss an opportunity to put together the kind of talent that's been demonstrated here and build buildings but rehab them sworn testimony with i don't want to rebuild to replies lost housing we're rehabilitating housing as well where hud has helped they've supported our rad program that's going to authorize some 6 thousand units to be rehabbed in the entire city y while we gain additional housing i need not remind you of a population that is more senior as time comes with the affordability of the city becoming more and more out of reach i have to giving me get to an aggres

. >> might have a wealthy beneficiary so jean ken france made a lot of money from the endo you do shares of millions of dollars do we want hedge funds will we give one hundred millions no. your the clients and consumers a totally different things it is in terms of the way it is done the endowments you can't have the on session for the enar document they're not going to get members like you hey this is any money don't do this is a dive culture for endowments i did any due diligence no one mentioned the harvard one of the 3wig9 funds has not recovered in dollars it's precrash peek so they're still in the retired versus the peak before the crash with hundreds and hundreds of employees to manage their hedge funds portfolio let me talk about culture in investing culture tremendous everyone we have a long term hypothetical to fund let me talk about the customers we didn't talk about the difference in customers within the public pension funds as well as the especially documents but the chief executive officer has given us hundreds and hundreds of pages on the recommendation and risk and everyth

people are endo youed by creator with rights life, liberty and property number human being is a means to the end of another. no human being's work should be taken or appropriated by another whether a government or another. and our principles work. they work for the same reason they're right. they work because they recognize the intrin sick value of people. when we have individual liberty, we work harder to do -- to get the things we need, to support ourselves and our families. and in working harder, we innovate and create and benefit all society. and by the same principle, by the same understanding, property rights are essential because they are also rights. they insure thaefr individual can own the fruits of their labor. own and enjoy them and thus secure the things they need to support themselves and their families. but also to really live fulfilling lives, to have the means to live fulfilling lives. and not just that but true freedom. government handouts and freedom are inkpapable. property rights give us the freedom to be truly independent. property rights work. and interlekt you'

endo, salix, what is going on? >> we can tell youoint both stocks are halted nor news peppeding. that news will be that endo has made an offer and sent to salip. let's call it a couple of hours with an e-mail letter attached to it saying we would like to try to buy you for between $170 and $175 a share. our oofr would be 25% cash 75% stock. in fact, if you are a salix holder, if this deal were to happen, you would own 35% or 40% of the combination. they are saying conceivably, it would still be a creed of up to a price as high as they're going to pay between $170 and $175. it would require a shareholder vote of endo shareholders. remember, it's an irish company, but what i understand is it would require a shareholder vote, and obviously it would take a lot longer to close. currently valent has a deal to acquire salix for $158 a share. it is close to closing. the tender is out. they don't have the hard approval. conceivably, it could close as early as april 1st. why would you tender a stock that's 1 6 at $158? who wouldn't? essential

and then you have endo excuse me, who is part of the process. bidder. did due diligence on salix. you can read it in the materials. the board chose a valeant bid over an endo bid. the reason they did is for good reason. this is a company that's in enormous distress. they've got 400 odd million in cash. they've got 330 million of debt in may. they've got an upcoming regulatory approval. the revenues have gone from $500 million in q3. the senior executives have been fired or resigned for, you know stuffing the channel. there's an interim ceo and cfo. and there are four directors overseeing this company. if i were on the board of this company and in order for them to take the endo transaction, they have to walk away from an all-cash deal, you know, that can close on april 1st. the endo transaction, even though they've done due diligence, it's subject to further due diligence. it's a 75% stock transaction so that if shareholders -- this is not an acquisition of salix. it's a merger where the salix shareholders will own 40% of endo. endo will be a hig

could you tell me what endo would cover that you believe is not covered by title vii? >> i think the main issue with respect to endo that i could comment on is that the courts have not taken a uniform position by any means with respect to the interpretations of title vii sex discrimination. >> were there some cases you didn't discuss with us that found these theories were inappropriate and not covered by title vii? >> certainly there are number of those cases. >> why did you leave them out of your first testimony? >> i didn't. they are discussed in the cases such as the mohammed brief. this facts brief reference in my testimony. the commission goes through its analysis and discusses why those decisions in its view don't use the direct analysis. but there certainly are a wide range of approaches that the case law is not consistent. there are particularly on the sexual orientation issue the case law is developing and courts are finding -- >> the court going the other way, what they are saying. >> with respect to sexual orientation related sex discrimination claims the cou

you up to speed with more details. for right now all sides have agreed there is a proposal on the table, $175 per share coming from the likes of endo international. back over to you. >> thank you, dom. valeant under pressure as a result. we have breaking news on general electric with our mary thompson. what's happening? >> dow jones is reporting the company is weighing bigger cuts intog e capital and is looking at parting with parts of its commercial lending business. the consideration according to the dow jones headlines of these deeper cuts reflects a change of thinking at ge which, remember has been reducing its financial unit, the size of its financial unit. the level of profitability that contributes to the jooverall company ever since the financial crisis. the headline says its rethinking of the capital business comes from pressure from investors to exit the lending business. some investors very discouraged with the disappointing performance we've seen in ge stock lately and pressuring the company to think about exiting the lending business. again, these headlines noting it would take time to make the reductions but a change

that leads you wondering what if it goes against salix and then shareholders of endo say, we don't wantbecause this key indication for ibs is no longer in play and they can say no thank you. a lot of moving parts here. much of it i think, coming back to the idea that valeant, which market cap would increase $17 billion from when it announced the salix deal now it also reported strong earnings, but a lot of it was due to the deal. >> i was looking at -- >> will they part with another $500 million, let's call it to up the an ante get the deal done? salix's advisors coming to valeant, come on right here, we've got to consider these guys. but there's plenty of hair on the endo offer. a lot 0 this when you step back nobody seems to care what the company's doing. >> that's so right. >> let's get the deal done. shire, which went after them inverted, endo'sen verted valeant's inverted. let's buy stuff, we don't karp remains me of the late '90s with telecom. >> wow. >> there's a fever. >> actavis 248 when it annoyanced it wanted to buy allergan, no went to 292. >> raised $21 billion in debt. val

this on dow jones headlines that endo international may make a competing bid. youmonth salix agreeded to be acquired by valiant, that is down on this bit of news. down by 5%. it looks as though dow jones saying, citing sources, this could be a bidding war for salix. we could see a price tag between $170 and $175 per share for salix. back to you. >> let the bidding war again. >> with good reason. quality company. a focus on ibs. this is one of the worst trades i ever put on. i owned this name and liquidated is it at 23. every time i see it, i want to -- >> lose your lunch. >> basically. >> ttwo. >> take two interactive june 24 calls. very active today at the 200 day moving average. i bought it. >> pnc, josh brown. >> long citigroup. >> all right. have a great rest of the day. power starts now. >> halftime is over. power lunch and the second half of the trading day start right now. >> scott, gentlemen, thank you very much. welcome to "power lunch" and along with mandy drury, i'm tyler mathison. >> the big story today -- >> is the dollar rising. huge impact for the ma

endo said it still has a robust deal pipeline that it may have other acquisitions in mind. shares of all three companies ended higher today, as you see there. >>> general electric selling off a financial business for over $6 billion. shares of ge up more than 1.5% to finish at 2545. >>> promising study results help lift shares of three drug makers in the process of developing cholesterol treatment to cut in half the risk of heart attack and other heart ailments. shares of all three drugmakers popped by more than 3%. >>> lifetime fitness taken private in a deal valued at more than $4 billion. gym operator has been under pressure from hedge fund mercato capital management and said it was exploring a potential sale of its properties. the stock rose 5% to $70.68. >>> sotheby's named madison square garden's ceo as its new president, and chief executive. this is the auction house that has been pressured by activists to improve its profitability. netflix saw its shares tumble after an analyst downgrade. the research firm evercore cut its rating to sell to hold pointing to an intensely competitive environment. the stock fell almost 4% to

endo has withdrawn the offer. drew armstrong is here. >> i feel like i am here every week doing another one of these. it's more than a stomachache. there big deal is for diarrhea. youo on vacation to mexico and you have vegetables. it's going to sell about a billion a year. there is big money in travelers symptoms. it comes out to about $400 million a year. they are adding some new uses they are trying to get approved by the fda. this is the reason why they want this drug company. you're going to throw this in the tag of your sales reps are in --. stephanie: that is the mo. that is what they do. they don't spend money on r&d. they rip apart sales forces. >> they think the drug industry is an efficient. they can find companies with a handful of tropical drugs and throw them into sales rep bags and do a better job of selling them. it's often cash-based stuff. they just look in it and see a broken model for a lot of drugs out there. it's easy for them to take this and rolet in. -- roll it in. guest: is this going to slow down at all?. stephanie: can't companies compete? >> i think they will have to. they have the money. look at the deal last week put a $1 billion to b

you cannot get an deal going here unless there is a bidding war. we learned that valeant will increase its proposal to $160 a share. it had offered 158 in cash. endo 175. to be continued. harley davidson having its worst day in six weeks. they confirmed a report that it is laying off 169 workers at a missouri plan. the hog is outsourcing but it has no bearing on production plans are rates which is good news for investors. and aeropostale sought biggest drop this year. having the biggest operating loss than analysts anticipated. it is considering closing up to 75 stores. goldman sachs said the company still lacks a clear path of profitability. thealix: the u.s. justice department is taking a billion dollars each from banks. our guest joins us. guest: it is the opening bid for what banks will be paying. obviously these numbers change throughout negotiations because there is also to things on the table besides money. whether or not certain banks will have to plead guilty to criminal charges which could increase or decrease the amount of money they pay. and the type of things like what they will have to put in the statement of facts or the settlement

endo. but back to this my god, how many years will this continue this battle? >> until he -- >> it was the end of 2012 when he made that first presentation. >> look you can destroyompanies. there's no -- i mean it's interesting, asking first amendment, there's no protection. you can say whatever you want right? you can say whatever you want. if he believes it's true he can say whatever he wants. if herbalife felt where's the interference lawsuit? he's got lawyers saying it's fine help wants the company out of business. can you wipe out a company? companies come and go. it's not the justice department or arthur andersen. if he guider decide decides to watch out herbalife, he can. >> i don't know if he can. >> he's a rich person why can he take down a company. >> it's got resources of its own. a shot to fight back against the allegations. >> i'm saying -- >> by the way, it hasn't worked yet. >> anyone can win, either one can win. >> he hasn't put them out of business the way he said they will because it's a pyramid scheme but up on the investment. >> reiterated the point of the business model again this morning. >> i find it painle. when a guy who is short of sayi