[laughter] eric chemi, head of research for bloomberg tv. so obnoxious. >> it's not.f a seat slams into my knees and i can't walk when i get off the plane, it's about protecting myself. >> i'm not going to change my mind on this. >> i'm fragile. >> in the wake of the jpmorgan hacking, how much money to spend -- do banks need to spend too protect themselves? we talk about the real cost of cyber security, next. ♪ >> time for bloomberg television on the markets. i'm matt miller. let's get you caught up on where stocks closed for the day. not a heck of a lot moving on the dow. the s&p 500 up a third of a percent. nasdaq up 0.5%. s&p closing out its best month since february. up about 3.7% for august. in february we were up 4.1%. ♪ >> you are watching "bloomberg west," where we focus on innovation, technology, and the future of business. lending club, one of the largest online loan services, has filed -- an ipo. an online the peer lending site has facilitated over one billion dollars in loans in the second quarter alone. what could be ipo mean for the future of banking? ,o

[laughter] eric chemi, head of research for bloomberg tv. so obnoxious. >> it's not.seat slams into my knees and i can't walk when i get off the plane, it's about protecting myself. >> i'm not going to change my mind on this. >> i'm fragile. >> in the wake of the jpmorgan hacking, how much money to spend to protect themselves? we talk about the real cost of cyber security, next. ♪ >> time for bloomberg television on the markets. i'm matt miller. let's get you caught up on where stocks closed for the day. not a heck of a lot moving on the dow. the s&p 500 up a third of a percent. s&p closing out its best month since february. for august.% in february we were up 4.1%. ♪ what that will really disrupt the banks, similar to the lending club model. banks are not providing the capital both to businesses or consumers. most banks cannot make money providing a business on 410, $20,000. they look at them as consumers, really. they are requiring them to give a personal guarantee. at the end of the day. the way that businesses and consumers for hundreds of years. >> it seems like

eric week" chemie. >> these are hundred million ride from all of 2013. every taxicab ride. got picked up. lex every single cab ride in 2013 in new york city >> this will tell us a lot about to burst. >> this will tell us a lot. what we know is 55% of all payments are done on credit card. 45% cash. the cash tips disappear a racket leslie. no data on that. so here is the credit card data. you see the peak there. it is right at 20%. the two points that stick out more than the curve would suggest, that is the free button. >> when you get into a taxi for people who do not ride or no, you are only given the option of 20%, 25% and 30%, which i think is a little rich. >> look at the numbers. almost no one paying in the 10-19% range. no one is overriding to pay less. if anything going to 27%. actually moving them higher. >> when was the last time you took a ride in a new york city cab that was so good that you wanted to tip 25%? >> i don't know. a lot is related to small shares. >> we have all done that. >> give the guy a two dollar tip. >> this is a soapbox issue. labor for thelave