i am erik schatzker.am stephanie ruhle. >> when the five largest private equity firms manage billions of dollars, where does jl help lltners fitting -- j partners fit in? we have one of our favorite guests. paul, it is great to see you. let's talk about the contrast atween firms the size of blackstone or carlyle or apollo. and a firm like you. how is it changing? i look at the apollo, just to take one firm, increased assets by $50 billion in the space of one quarter. some of them may have to do with going public transactions. nonetheless, they are growing at an extraordinary rate. >> we do not plan their league. fantastic form -- firm. many of their assets are not dedicated to buyouts. they are dedicated to he and others for of rings. -- and other various things. they have a large equity account by any measure. partnershipnto a with a major dutch company and they wound up with 49% of the company. that was 500 million of the equity. we had 51%. that was 500. up beingup -- wound their partner, we are in con

i'm stephanie ruhle. >> and i'm erik schatzker.ou in on what's happening around the world. there may be more consolidation in the paypal business. at&t is in talks to buy the satellite television company, directv. according to people familiar with the matter. likely to scrutinize any deal to find if there are antitrust issues. -- to build as past the new presidential helicopter. $1.2 billion. the team includes lockheed martin. the earlier program was canceled because of costs. taxpayers will get billions from fannie mae and freddie mac. they will pay the treasury more than $10 billion. the two companies are required to pay the government their profits for the time being. together, they have received 180 $7 billion in taxpayer aid. >> today on bloomberg, we are focused on that comcast deal. it needs approval from regulators. that is requiring a huge and expensive lobbying effort. bloomberg west's cory johnson has taken a look at comcast government connections. >> in washington, there's lobbying and lobbying. between comcast and time

for erik schatzker. i think we need that trailer. >> i could not be happier they are doing that feature. it is a recipe for this organization to know how i like to will. for now, we will talk about a big number, $5 billion, how much it could cost bnp paribas to settle a probe on whether the bank illegally did business with iran and sudan. it is double what credit suisse paid to settle a similar investigation, and moral than what investors were -- and more than one inspect -- investors were expecting. i want to bring in more -- i want to bring in keri geiger for more. the hits keep on coming. >> i think the capital ratios can sustain a $7 billion hit, so we are not in number that can hurt the bank, but it is unfolding into something interesting. all of the people at the carillon looking at naming and shaming individuals. we did not have that so much with credit suisse, and they could lose their chance in the u.s.. >> could they actually lose business and customers during this time? >> they could. >> that

to appeal to the emerging markets, especially india. >> i am tom keene, with a scarlet fu and erik schatzkerhe top headlines. >> it was a day for vladimir putin to flex military muscles over the crisis in ukraine. troops marched across red square as they celebrated their victory over germany in world war ii. the european union is ready to expand sanctions to some russian companies. like an overhaul of fannie mae and freddie mac may not take place this year. democrats will not support the proposal without major revisions. draft, housonton made clowney the number one pick. he was greeted by roger goodell. johnny football went at number 22. >> cleveland browns. >> i cannot believe they drag this out into three days. >> i don't get it. >> it is a reality tv show. >> we must do a single best chart. >> this is a stark reality in new york. it shows a decline in the number of traders and investment bankers. securities industry employment is at a new low in march. the lowest since the government began keeping track in 1990. >> two waves down. rg thanks to bloomber data. >> our guest is michael hollan

i am erik schatzker.tephanie ruhle. the nba playoffs, tickets for did season's hottest events not lose their sizzle, but lost a few of their fees. all-in-onetroduced pricing, eliminating the pricey got choose -- got yous. chris, welcome. walk us through the new pricing strategy and how maybe it is not working so well. working really well for customers. we have seen a 10 point increase on customer satisfaction. the price you see is the price you pay. when you get to the event page, the price of the ticket includes all of the fees, including delivery. when you checkout, it is the same price. if you went on our site and look for a ticket to their upcoming concert, you will find a ticket for about $269. stillou checkout, it is $269. if you go to a competitor site, the ticket is listed at two or $44, but when you checkout, once you pay $30 in fees, it is about $320. who has the cheapest price and i do not factor in all of the hidden cost, sort of like when i go to a hotel. how does it affect who is buying tick

i'm erik schatzker. >> i'm stephanie ruhle.roadave been on almost a week but as a new yorker i was just downtown in the financial district moments ago. it is a day, as a new yorker, he deftly want to be here. earlier this week i had a chance to sit down with former new york city mayor michael bloomberg, chairman of the september 11 memorial museum. he spearheaded this creation during his time in office. he is the founder of bloomberg lp, the parent company of this network. he and i had a chance to sit down this week about some of the challenges of building a museum. >> somebody had to pull it all together. we had some great people who made enormous progress in making commitments for $150 million, and a lot of work had been done with the port authority and the states of new york, new jersey, city, federal government. sort ofroversy had taken over and became the story itself rather than what we were going to build and why we wanted to build it. as the mayor, it was the logical thing to do. >> how did you cut the cost and get ever

i am stephanie ruhle. >> i am alix steel, in a four erik schatzker. i don't have a matching suit and tie combo. today microsoft is introducing a new smaller version of its tablet, the first generation of which failed to get much market share from industry leaders like apple and samsung. will these new versions do any better? east -- wen has come love that. he is outside the event in downtown manhattan. microsoft already took nearly $1 billion write-down of its surface tablet. why do they think this will do any better? >> look, they have got to do something in the tablet and mobile business. .t has not been a total failure substantial loss because they were not moving enough to make a profit. microsoft is willing to take losses here. the android tablets at nine percent, apple has everything else. it is emanated by apple right now -- it is dominated by apple right now. >> is it about selling hardware or about selling windows? >> it is about market share. they have to put the pedal to the metal on think about tablets like nokia. these will spread the gos

i am stephanie ruhle. >> and matt miller, in four erik schatzker.is shaping up to be the most do-nothing congress in history. you may have noticed. and maybe a bad thing for the country, but gridlock is good for your portfolio. dan has figured out how to make that work. he is the head of policy d.c. policy a analysis firm. he has built stocks that profit from dysfunction. he joins us from washington with details. thank you for joining us. let's talk first of all about this gridlock. is it really the worst in history? i don't even notice it anymore. >> gridlock is the normal function. the founders wanted us to have some sort of gridlock. this is shaping up to be an interesting year. i think that the gridlock will be very significant through the summer months. there have been two bills in the last few weeks with strong support. and energy efficiency bill last week was floated on the senate floor. this week, late last night, there was a patent bill. these are smaller. they had more support. it tells you that we are not going to get much done for the re

i'm erik schatzker. it, awill get right into big morning. excited about our guest host, let's get started. president and ceo of sprint. you were the man responsible last year for getting a deal with softbank come how is it going? >> it is going well. the week ago we announced results and stock was up 11% on the day and 18% over the last week. we had our best net operating income number in the last seven years. 11 quarters in a row of beating on ebitda. our subscriber numbers could be better, we are reengineering our network. >> what has the softbank do thatp allowed you to you could not have done before. what is it going to enable you to do in the future that you were not able to do? long-term.re on the this big network, sprint spark, it will take time and money to do it right. we can take a longer-term perspective. you have an 80% investor who was talking about a 300 year plan -- >> 300. whenever going to get sprint spark in your? -- in new york? >> you have it now. it is taking three frequencies, different networks used in different freque

i'm erik schatzker. all about cheating. where do we begin?l ask about what makes us do the things we do, whether it is ethical choices at work or deciding whether we need that second donut. we have a special guest joining us, a duke behavioral economist. he is a best-selling author who has done some eye-opening research into human behavior. help us understand what is this work you are doing. >> i am interested in behavioral economics in general, all the ways in which people misbehave or behave in ways that are not good for us. as you know, i started doing this research after i was badly burned many years ago. i was in the hospital for about three years. i observed lots of irrational behaviors in the hospital. one of the first things that bothered me was the question of how you remove bandages from burn patients. i was -- 70% of my body was burned. they had to take the bandages off. how do you do that? do you rip them off quickly? minimize the time, but every second will be very painful. or take a long time, but every second is not that painfu

i'm erik schatzker, here with olivia sterns.d to mobile messaging app that lets users send messages that self-destruct at a specific time. no word on how much yahoo! is paying. chat settle government claims that it did not inform users that their messages could be saved. analysts have forecast his son he would make money this year. the company is trying to overcome weak demand for its televisions and personal computers. forrong first quarter tencent. canceled dinner plans, interrupted vacation -- that seems par for the course for those working in finance. they lay, young bankers are bailing out of their high-paying jobs and setting up their own gigs and technology. ise to talk about the trend the cofounder of wakefield, the company that connects jobseekers to startups across the country. you worked in private equity for eight years and left to start a startup. what is making everybody want to make this transition? you will get the same hours for less money. >> one, just the sheer labor economics in play. the financial sector has

i'm erik schatzker with scarlet fu.ederal prosecutors are close to extracting guilty pleas from credit suisse and others. until now, the white print assumption was that criminal prosecution would put a bank out of -- the widespread assumption was the, prosecution would put a bank out of business. the question,to does it make any sense that the criminal please against guilty banks should come from foreign banks and have nothing to do with the financial crisis? >> the era of too big to jail is the shortest era in history, because it began with eric holder's strawman testimony last year where he said, well, we could -- we would love to prosecute, but we are very concerned about to be to jail. no one was ever concerned about that. he has to walk this dog back by saying, it is not too big to jail. we are going after them anyway. it is all a bit of the pr campaign. the banks have been investigated and scrutinized by regulators and prosecutors add novelty him for the past five years -- ad naseum for the past five years. -- the

erik schatzker is out. i'm joined by the well manicured matt miller. cure ifd to get a mani you were going to be on set with me. >> it is friday. jobs day. the headline number is the best it has been in more than two years. payrolls rose by 288,000 in april, far more than estimated. unemployment dropped to its lowest level since before the collapse of lehman brothers. but there is a lot beyond the headlines. i want to bring in michael mckee. you are the man who delivers the real deal. walk us through it. the headlines look great but the market is not excited. >> no champagne. the headline number is good but the details are not as good. that is why we are seeing markets back off from their initial excitement. a a tale of te -- it is tale of two surveys. we are coming back from the weather. the household survey, same measure,, the people were employed. we lost 73,000 jobs in that survey. more than 700,000 people leave the labor force with chuck drives unemployment -- which drives unemployment down. why are people not coming back and? discouraged workers

i am erik schatzker. >> and i am stephanie ruhle live at deutsche bank. it seems like bloomberg does not want to you and i to reunite. you were on location all last week. i am on location today. i promise it is worth it. earlier i sat down with the ceo who gave me his recipe of having happy bakers -- happy bankers. how do you have a happy banker in a country with a socialist president? he claims he knows a way to do it. remember they just had a massive capital raise. unlike barclays this retrenching is getting away from those capital intensive businesses like fixed income. that $8 billion. we will find out exactly where. >> i can't wait to see you talk to your former boss. >> i can't wait to see you. i think i brought some of my former 360 reviews. i am a forger -- amy -- i am a --mer which the alumni former deutsche bank alumni. >> as you know it is time for the newsfeed. these are the top is in the stores around the world. -- top business stories around the world. he'll should brands agreed to buy pinnacle foods. he'll sure is the maker of gdb sausage -

and stephanie ruhle. >> i am erik schatzker. >> i am alix steel, in today for stephanie.annie mae are trying to read of the housing market into a higher gear. loan buyback rules for banks will be eased in an effort to stimulate the lending. this is happening while the 's remain the gse uncertain. you pay closer attention to this market than anybody i know. how significant are the announcements? he is starting to loosen the credit box. it has been exceedingly tight. what he is doing is sending a message to the industry that we do have anti-fraud provisions in the mortgage we purchase. if there is a problem with a mortgage and they continue to pay, we're not going to force you to buy that back. he is giving the industry something they want. and i fight on many things. i think that is a positive. he is starting to loosen the credit box. i am not sure how much of a significant impact it will have. it was very balanced. it represented non-polarization of the agency. the on the ground reaction to this? how long does the fica -- how low is the fica score going to go? a different

. ♪ loan from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanieuhle. >> economists forecast new home sales rose last month. we will have new figures the moment they cross. >> we will go to the ukraine capital and talk to a big investor 48 hours before the crucial presidential election. >> summertime, the living is easy. time to plan your trip to one of the big music festivals. we'll talk to the cofounder. welcome to "market makers." i am matt miller. >> i'm alix steel. >> the cats are away. >> let's start with breaking news on housing. new home sales for april hitting the wire. mike mckee is with us. it looks to be at 6%. lessat would seem to be than forecast. you have to look at the revision pretty commerce department revised the last year's new-home sales numbers. that pushed up the march number. march had fallen off a cliff. now it is much better. it had been a 14% decline. it is nothing like that now. the increase is good. 14%.% decline instead of the increase looks better than it might have otherwise. we did ask three questions about this rep

. >> live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. a plea.ng credit suisse on the verge of in theg to plead guilty -- case and it would also have to pay $2.5 billion. >> shares of struggling jcpenney sore after three years of falling sales. shoppers are finally bond there. >> derby winner california chrome may revive interest in the sport of force racing after he goes after the second leg of racing's triple crown. you are watching "market makers" here on a friday in new york city. 10:00 in the morning. i'm erik schatzker. >> i'm julie hyman in for stephanie ruhle who i think is going to be catching some horse racing over the weekend. >> indeed. >> looking forward to hearing about that. >> all about preakness. great to have you here. time for theis newsfeed, the top stories from around the world. in india, a historic defeat for the family that has governed the country for most of the past several decades. outsition bloc led by modi that the congress party. raul gadhi conceded defeat. modi promised overhaul of the economy. uber i

i am stephanie ruhle. >> i am erik schatzker. >> let's take you to washington, d.c..sn't like the hostile takeover bid and neither do members of congress. can they do anything about it? peter cook has more. this is about pfizer trying to avoid pain u.s. taxes, isn't it? >> that is part of the story. pfizer makes the case that is much more. part of this deal would allow pfizer to reincorporate overseas and save them as much as $1 billion a year in their u.s. corporate taxes, and that is not sitting well with some very powerful members of congress -- mainly, the senate finance and crow widen missing a family try to take on this issue of u.s. companies not paying what he believes are their fair share of taxes in terms of profits earned overseas. they are saying as soon as next week, they will prepare -- proposed a distillation that would a sickly make it harder for companies to engage is what is called tax and version. reincorporating with a foreign partner overseas and basically moving legal address overseas while reducing the corporate tax ale here in the united states

i am's -- i am stephanie ruhle. >> i'm julie hyman in for erik schatzker.eing., regulators will have the final word on whether the deal will go through. critics say it will mean higher prices for consumers. what are the factors the government will consider in making the decision? in a former bring lawyer for the federal trade commission. she represents companies defending the deals. at&t may defensive moves here. does this make things easier for them? regulators will look at two things. between at&tverlap and directv and does the acquisition somehow increase --t's rrr or tip the scales at&t's or tip the scales. >> is there pressure from regulators to not let something through here? there are some in a different approaches and opportunities. our regulators saying, i cannot let everything go through? quest typically, an antitrust two inwatching, you have front of the federal medications division and antitrust regulators, comcast time warner, which was announced last year, and you have got at&t and directv. both deals, they will be evaluating the competitive p

--we are joined by "market " erik schatzker. what is at stake? >> presumably, everything, because it is believed they bank can not survive a guilty plea because many clients and customers cannot do business, the theory goes, with a criminal enterprise. that is why we go with the term g to jail.too bi that is why the justice department is considering a deal where the bank would plead guilty. let's go back to your question -- how important is it for credit suisse? the chairman of the board spoke at the switzerland shareholders meeting and said it is one of the most pressing issues facing credit suisse. "one" is the keyword. it is not the key issue. credit suisse is not looking at this question as an exercise joe one, and they have believe there is a -- existential one, and there is a way to resolve this that does not effectively put the bank out of business. >> can they survive a criminal charge? >> that is what we have yet to found i -- find out. the assumption has not been tested in 20 years. was a bank that failed in the 1990's, and then a busin

. ♪ clock slide from bloomberg headquarters in new york, this is "market makers with erik schatzker andtephanie ruhle -- from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. >> steve ballmer, we know what he is doing. he won the bidding war for the nba los angeles clippers. record $2 billion. we will be asking questions. let the force be with chicago or san francisco? this two states are locked in battle for star wars.ted to it is friday in new york city. stay -- how do i say i am stephanie ruhle in spanish? they will be a rate friday. -- it will be a great friday. time for the news feed. let's get serious. from around the world. president obama is meeting at this hour with the veteran affairs secretary. a serious have conversation about the ability to deal with mismanagement problems at the va hospital. more than 100 members of congress have asked obama to fire the head. lions gate could use another hunger games. the hollywood studio reported results that missed estimates. ishares opened a bit lower this morning. and former ceo steve

i am erik schatzker you're watching "market makers."

i'm erik schatzker. i'm stephanie ruhle. hill as the joint economic committee is about to hear testimony from janet yellen about the state of the economy. her opening statement has just been released. my colleagues are poring over it right now. peter cook has the headlines. >> the mes t

. ♪ clock slide from bloomberg headquarters in new york, this is "market makers with erik schatzker and-- from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. >> steve ballmer, we know what he is doing. he won the bidding war for the nba los angeles clippers. record $2 billion. we will be asking questions. >>

erik schatzker with us for "bloomberg surveillance" this morning.the banks as well. lots to talk about. it is a busy friday. >> are you going to be talking about dr. dre and beats? is anunderstand there east coast-west coast rivalry as to which side of america is going to create the first rap billionaire. >> there are a lot of doubts about the initial thinking on this deal. we will look at this apple transaction. scott kessler will join us with his first ideas. a lot of the conversation is less about the headphones and more about this dreaming capability of what jimmy ivey ovene and dr. dre have done. tom, thank you very much. tom keene back at the top of the hour. let's talk telecoms. we had numbers from telecom this morning -- telefonica this morning. they agree to a $1 billion deal that makes it the most powerful tv broker in spain. david tweed has been following the story. shares came under pressure early. tell us what is going on behind the numbers. >> you look at the numbers and you can see there are a couple of things going on with telefonica

i'm erik schatzker. >> i'm julie hyman in for stephanie ruhle who i think is going to be catching somend. >> indeed. >> looking forward to hearing ab

in an exclusive interview with erik schatzker and stephanie ruhle, he said they met for dinner on marchears, youd him for know, in front of congress, speaking, and i watched him on tv and 60 minutes. >> what was your opinion of him before you had dinner was tumor >> i have been critical. i have been critical about him for a very long time. in one way, the dinner was cathartic, because i got to ask him some questions that had been in my mind for a very long time, and on the other hand, it it was frightening, because the answers were not any better. thee has been critical of bernanke willingness to leave interest rates near zero for more than five years. messages left for bernanke at the brookings institution were not immediately returned. and a contest for senate republican candidates that will define the balance of power between business-oriented candidates and the tea party movement. the cofounder and president of fromlpha partners joins me washington to set the stage. >> thanks so much. ask, the north carolina primary, is it a fight for the direction of the republican party? >> well,

this is "market makers -- from bloomberg headquarters in new york, this is "market makers" with erik schatzkerringing a kernel case against credit suisse could spark -- bringing a global case against credit suisse spark a new financial issue. for artists it mean and labels, streaming download? >> your coffee table or catch could be

. ♪ >> live from bloomberg headquarters in new york, this is "market makers," with erik schatzker andg exclusives on "market makers.: will tell usint about his company's challenges competing with at&t and verizon and how i deal with t-mobile could reshape the wireless industry. >> david einhorn bringing his best investment ideas. tech stocksved are in a bubble and some could drop by 90%. you're watching "market

with einhorn sat down stephanie ruhle and erik schatzker yesterday. yellen's predecessor, ben bernanke. you have to listen to his comments. >> i watched him in front of congress and speaking and watched him on tv and 60 minutes. what was your opinion? >> i have been critical for a very long time. the dinner for me was cathartic. i got to ask him all of these questions that have been on my mind for a very long period of time. on the other side, it was frightening. the answers were not any better than i thought they might be. >> frightening, tom. he thought the answers would be more insightful. i cannot begin to convey how any central bank has a voice changes. they have an official guard. greenspan, when you talk to him after 20 minutes or so, you hear >>ments of the 50's or 60's. they are a real person. >> chairman bernanke was protective and then he talks in that quick, academic cadence. >> what they were objecting to his bernanke said there would be no hyperinflation and that it generally occurs after a war. einhorn was like -- 100% certainty? that d

live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephaniemmer. april saw more jobs added than any month in two years. the report has important warning signs. >> steve wynn speaks. we will bring you my exclusive interview with the billionaire casino mogul. find out why he likes doing business in china more than the u.s. and what really happened with george clooney. >>

. >> live from bloomberg headquarters in new york, this is "market makers," with erik schatzker and stephanieother chinese check firm in the u.s. jd.com -- it is the biggest offering ever of an internet company from china and america. >> this is been historically unproductive this year. there are ways to make money off of congressional inaction. we will tell you what to buy and what to sell. >>

live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. the top.ange at ceo alan mulally will retire and be replaced by mark fields. we will talk with our mulally and with the chairman go for it. >> sprint still wants t-mobile and now there is talk at&t wants directv. we will see what is behind all of this m&a. >> how to keep pepsi from going flat. exclusive interview with the ceo of the soft drink and snap company, indra nooyi. welcome to "market makers." >> i matt miller. -- >> i'm matt miller. >> i'm cristina alesci. >> perfect timing for us -- worked out pretty well. >> certainly did. breaking news on the economy. a key gauge coming up. mike mckee in the news with the headline. >> this will be a good news stories as well for the markets today. the isam report for the month of april comes in at 54 .9, more than expected and up from last point seven. the economy and manufacturing continuing to get together from the freeze we saw this past winter. >> thanks so much, mike. >> i want to get straight to the big news out of order this

erik schatzker was at the game last night. he is still recovering. >> what are his maple leafs workup and that's worth up in toronto. >> what are the rangers work -- worth that they win? >> steve ballmer has a reputation for being a little over the top. he's got a big personality and is a former salesman and can really turn it on when he wants to. crowdhe is ramping up the at a microsoft conference. >> that is cool. they will get him off the court. >> look at him go. he will need botox and a facelift to fit in. >> he lives in seattle but he says the clippers will stay in l.a.. he will keep that part of the tradition alive. they used to be the old buffalo braves. it is our twitter question of the day -- >> he paid 1/10 of his net worth. enters they call that tithe. >> let's talk about the titanic changes in europe. there were european elections but none more than france withed the establishedment the french nationalists that to reado away -- want rack the french franc. for americans, explain why i care about european elections.

. ♪ >> live from bloomberg headquarters in new york, this is "market makers," with erik schatzker andlion -- that is what it could cost bnp paribas to settle criminal justice -- charges with the u.s. justice department. it with the world cup approaching -- is this the year soccer wins over americans? we are

. ♪ loan from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephaniecast new home sales rose last month. we will have new figures the moment they cross. >> we will go to the ukraine capital and talk to a big investor 48 hours before the crucial presidential election. >> summertime, the living is easy. time to plan your trip to one of the big music festivals. we'll talk to the cofounder. welcome to "market makers." i am matt miller. >> i'm alix steel.

. >> erik schatzker had the best tweet of the night. " playoff hockey is the best." >> last night was but they are playing well. >> here is the morning must read. >> >> matt levine writes on equity every day. is there a new board? >> in this case there want be but the company has control but it's about sending a message to the company. >> we are talking about small caps. they have been making is they come back but they are down a little bit. we'll talk to john malloy when we come back. ♪ >> good morning, everyone "bloomberg surveillance." up, let me do a continued data check off ever , the eurothe s&p 500 is weaker. towards $135.g you need to buy real estate this weekend. on the equity markets, it is the most unloved bull market since time began. apple has gone from $89 to $625 per share. colgate-palmolive from $30 -- $65.$30 to small-cap stocks have been recently crashed over last five years. stock twist is been a gathering place for those in the market and want to participate and those who want to get smart bridge john malloy is the chief executive officer. fascinatedople are with t

. ♪ >> live from bloomberg headquarters in new york, this is "market makers," with erik schatzker andnsolidation, executives from comcast and time warner cable are back on capitol hill today. defending their planned merger a while talks between at&t and directv are heating up. >> einhorn's target, while a short seller is wrong about why his id company should be worth more and why he plans to keep growing at a rate investors find acceptable. the nfl draft starting tonight, why trading up

. >> our erik schatzker had a number of interviews with mr. gorman.was the exact executive of the year, the way he has turned morgan stanley around. what about any given firm, with china right now -- morgan stanley billboards would greet you. does american backing still project to china? >> look, china has a huge opportunity for the world and for global financial services. the key for non--chinese financial services is access to those markets, tom. morgan stanley had first joint venture and is now a new platform and everybody else is trying to get into that market. >> steve roach on wall street and china. >> coming up, this is leaders gather for an annual conference and ryan chilcote is there for us and will be ringing is a conversation with a billionaire. you do not want to miss this one. >> good morning. this is "bloomberg surveillance ." i am tom keene. futures up 7.dow >> business leaders and billionaires are gathering in st. petersburg, russia, for an annual economic forum. ryan chilcote is there and is joined by billionaire alexei mordashov of s

i'm erik schatzker. i'm stephanie ruhle. you are looking at capitol hill as the joint economic committee is about to hear testimony from janet yellen about the state of the economy. her opening statement has just been released. my colleagues are poring over it right now. peter cook has the headlines. front ofssage today in the joint economic committee, consistent of what we saw from the recent fed statement. she says the economy is starting to improve after the first quarter as bad weather, but also says a high degree of monetary compensation is needed. changes that the fed has put in place. she also talks about financial stability, addressing concerns about possibly bubble starting to form. to me walk you through what she had to say. she said the first-quarter slowdown was mostly due to transitory factors like the weather. she says many indicators indicating a rebound in spending is underway, putting the overall economy on solid track for growth. she goes on to say labor market conditions have improved appreciably but still

live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanieo alan mulally will retire and be replaced by mark fields. we will talk with our mulally and with the chairman go for it. >> sprint still wants t-mobile and now there is talk at&t wants directv. we will see what is behind all of this m&a. >> how to keep pepsi from going flat. exclusive interview with the ceo of the soft drink and snap company, indra nooyi. welcome to "market makers."

. >> live from bloomberg headquarters in new york, this with erik makers," schatzker and stephanie ruhlese agrees to a fine