erik schatzker and stephanie ruhle are there, joined by greg fleming. good afternoon. erik: good afternoon and thank you. great to see you here. you have a lot of financial advisors here. the businesses that you oversee, wealth management and investment management have grown as a percentage of morgan stanley's revenue and profit, much more so than at other firms. that has created a business model for morgan stanley. what are the strengths and weaknesses of that business model as we look at the future of rising rates, questions about economic growth in the developed world, doubts about inflation? >> when you look at the businesses wealth and investment management, there are huge strengths. we are coming out of the crisis. regulators have not allocated more capital to those businesses.

i'm erik schatzker. olivia: i'm elizabeth -- i'm olivia sterns. er is in oregon for a big interview at the shoe giant nike. stephanie: thank you so much eric. here we are in beaverton this morning. president obama is here. we are talking about this trade agreement and there are protesters in portland right now who do not want to see this happen. so what does this mean to you? mark: we produce shoes all over the world but mainly the asian pacific region. it is important for us to be part of this conversation. it is an honor to have the president with us today to talk about trade. a really important topic for nike. nike was the company that was born and succeeded aced on the ability to trade globally. this is an important topic. we feel it is critical for the united states to have a 21st entry trade agreement in place. we feel that for nike it actually gives us the opportunity to create jobs. create jobs because of savings that we think, we anticipate will be part of the tpp. stephanie: the critics say you make a shoe in vietnam and you sell it here

i am erik schatzker. stephanie: i am stephanie ruhle. t hour, we have an exclusive with russia's richest man. we will talk about the executives who make the most dell -- dough in the united states. erik: straight to our stop -- top stories of the morning. the government of greece is optimistic that a deal about locking up bailout funds is within reach. european creditors are not quite social or. greek finance minister yanis varoufakis said that the two sides, the greeks and europeans, are almost there. >> i think we are very close. of course, intel the deal is done -- until the deal is done no one is sure. >> could it be a matter of 24 hours? >> a matter of about a week. erik: creditors want to see more concrete actions from greece. they want to see labor market deregulation and the pension system overhaul. until those things happen, they say they want release bailout funds. the world's largest retailer is hurt by the strong dollar. walmart posted profits that missed and -- estimates. the company is doing with a shift in how consumers spe

scarlet: pretty amazing goodhearted erik schatzker get a trip to myanmar? probably by asking could the point he made that the gdp may quadruple by 2030, that is fascinating. scarlet: from a low base, though. mark: very much. scarlet: the law of big numbers and small numbers. mark crumpton, your weekend is here now. mark: my weekend is here. good to see you. scarlet: we have much more coming up. birth tourism in the united states. just because i'm away from my desk doesn't mean i'm not working. comcast business understands that. their wifi isn't just fast near the router. it's fast in the break room. fast in the conference room. fast in tom's office. fast in other tom's office. fast in the foyer [pronounced foy-yer] or is it foyer [pronounced foy-yay]? fast in the hallway. i feel like i've been here before. switch now and get the fastest wifi everywhere. comcast business. built for business. [beeping] ooo come on everybody, i think this is my grandson. [lip syncing] ♪little girl you look so lonesome oh my goodness. ♪i see you are feeling blue ♪come on over t

this is "market makers," with erik schatzker and stephanie ruhle. erik: "market makers" can't get enough of las vegas. we are back for a second day of the salt conference. finance and politics. stephanie: he is running with the bulls. we will stick with one of the world's most famous investors leon cooperman. erik: too close to wall street? hillary clinton fights against the perception that she has forgotten on main street. larry summers will be with us. good morning. welcome to "market makers." we are live on the salt conference in las vegas. i am erik schatzker. stephanie: i am stephanie ruhle. day two and we had an extraordinary run already. we will be speaking with the one and only jim cahanos. leon cooperman at 11:00 and john burbank at 11:30. you better sit down, strapping and don't go anywhere. erik: that is one heck of a lineup. let's start with a bulletin. stephanie: erik schatzker in vegas, a whole other level. erik: top business stories of the morning. alibaba has a new ceo, daniel zhang, they chief operating officer for the past two years

erik: you are watching "market makers" i am erik schatzker. stephanie: it is friday, and especially good day. erik: time for the bulletin. manufacturing in april at the weakest pace in almost two years. the index unchanged at 51 and a half. the lack of improvement reflects lingering effects of a strong dollar and low oil prices. a separate report out of the u.k. shows factory growth there dropping to a seven-month low. the cme has suspended to traders -- tito traders. the cme says that they and engaged in a practice called layering. the regulator has criticized the exchange for taking too long to complete investigations into improper trading. chevron fell in the first quarter as falling oil prices took a bite out of earnings. the ceo has slashed billions of dollars in spending and put much on the auction block. but he says that chevron is sticking to plan to raise prices by 20% in the next two years. some words from one presidential candidate to another. commted cruz welcomed bernie sanders to the race on an interview with mark halperin. >> hil

i've erik schatzker, thanks for watching. -- i'm erik schatzker, thanks for watching. ♪ emily: verizon'sto take on google and facebook, but is there room for others? that is ahead. welcome to "bloomberg west." i am emily chang. coming up, samsung unveils its new smartphones strategy, and what about a smart phone plan? i will ask the guy in charge and is an initiative a website killer? we will look at the eye-popping numbers that show the company's global reach, and will tencent take a page out of alibaba and unveil a strategy outside china? all of that ahead on "bloomberg west," but first, breaking news. we want to get to julie hyman

>> live, from bloomberg headquarters in new york, this is "market makers," with erik schatzker and stephanie ruhle. erik: the morning, everybody. welcome to las vegas, here for the salt conference, the gathering of the biggest, best, and brightest. stephanie: the one sure thing you can bet on in vegas this week is a great gathering of extraordinary minds across the financial industry. we are going to be talking to a few. mike novogratz. bruce richards. there you go. erik: these are just three of the guests we have lined up. stephanie: how about a little news. we will take you to the bulletin. these are the top business stories. the labor market may be moderating with the economy. companies added the fewest numbers of workers in more than a year. private employers hired 169,000 people. that was fewer than forecast. we will get the jobs report on friday. the price of oil is rising. it hit the $62 a barrel mark. there is speculation the oil gluttony may be easing. the u.s. companies have reduced the number of active oil rigs to the fewest in years. glad i am talking to boone pickens while i am

♪ ers" with erik schatzker and stephanie ruhle. erik: good morning. i'm erik schatzker. d stephanie ruhle. a lot to cover in the next hour. erik: we'll begin with some news -- the cost of living is now rising at the fastest pace in more than two years. core cpi rose .3% last month. that is inflation level excluding the cost of fuel and food. price increases were across the board. one of the fastest rising categories is rent. the federal reserve wants inflation rising at about 2%. stephanie: the germans are talking about the return of the drakma. wolfgang shuai peng -- the german finance minister raised the possibility if talks with greece fail. some in germany are preparing for a worst-case scenario. an eu summit in lot via failed to -- in lot the failed to produce an agreement today. angela merkel said greece needs to do more to get to the bailout funds. erik: it is ok to merge after fcc chairman tom wheeler called cable ceos to say there is no government ban on big cable deals. this came after a report that regulators are not inherently against mergers in the industry.

i'm erik schatzker. olivia: i'm olivia sterns. owing news this morning about the biggest ever take over in the semi conductor industry. a avago technologies of singapore of breed -- agreed to by broadcom. avago is paying $17 billion in cash, the remaining $20 billion comes in stock. broadcom mix wireless chips. -- makes wireless chips. avago says the deal will boost its cash flow and earnings per share. broadcom stock rose 22% when word of these talks got out. the president of the san francisco fed says interest rates probably will rise later this year. john williams said the u.s. economy is rebounding from a week first quarter and is approaching goals set by the central bank. janet yellen said she expects rates to rise this year if the economy needs her expectations. soccer ruling body is facing pressure to clean up its act. officials are bringing reactions from world cup sponsors including coke and visa. officials took millions in bribes in return for media and market rights. there are no charges against f ifa's president. he is

cory: i'm cory johnson in for erik schatzker.an presidential field grows more crowded by the day. others jumped in the race yesterday, now it's former arkansas governor mike huckabee. mark halperin and john heilemann are entering our coverage. gentleman, take it away. >> with you in new york. mike huckabee someone who has become a force in republican politics over the last decade plus running for president. we have that today and hope arkansas. his announcement speech will be carried live here on bloomberg television, bloomberg politics.com. we expect them to come up in just a few moments. huckabee is someone who brings a lot of strength to this. why do you think he is doing what is traditional but has not been done by everybody -- a formal announcement in his home town in arkansas? >> he is battling the sense that he is not a fresh face and has to reenters himself to the party. he had that success in 2008, he's been on fox news, a radio personality, a book author. he kept himself in the public view. one of the things this race i

erik: i'm erik schatzker. may take a final on the fast-track trade bill, allowing president obama to speed up the trade deals being negotiated. 62-38day the senate voted to advance this deal. over maybe taking another step toward an ipo, seeking a billion-dollar credit line. companies current -- frequently seek credit lines before going public. jpmorganhe board of will not have to face a lawsuit. investors had claimed that the board did not do its job when a trader in london lost more than $6 billion. a former aide to prime minister david cameron said the company plans to close its company in promotingy for not microsoft software. microsoft is not commenting on the story. voters in ireland are deciding today whether or not to legalize same-sex marriage. votes indicate the proposals will pass. catholics make up 85% of the country and ireland became one of the last nations to decriminalize homosexuality. a south korean court suspended a woman's sentence for assaulting a flight attendant after having a tantrum wh

we will hear about michael in a few minutes with erik schatzker.ou been to the airport recently? nobody seems to like it. even joe biden said he thinks it is a big mess. you may remember history ashen from last year. biden: if i took you blindfolded you must think you must be in a third world country. scarlet: recently, the port of authority announced plans to update its terminal, a $4 billion project. our next guest wants to skip that completely and shut the airport down. in a recent op-ed, he said it is not only to noisy but cannot be expanded because it is essentially water locked. now is george, the president of the institute for rational urban mobility. with also a civil engineer broad experience, research, and analysis. you realize your op-ed and reaction, manyof defensive. surprised. it seemed logical to me that you think about things before you do them. in new york, you think the knowledge capital the world, we would puzzle over this stuff. i was pleased to there was a reaction and i am to be here today to discuss it. it location, location,

erik schatzker, good morning.ay weekend, which means that no matter what you packing a suitcase this weekend, it won't be ready for the weather because it is always too cold this weekend. traffic no matter what time you leave is always went to be horrible. instead of having a a lot of disappointment in the next two days, enjoy the next two hours. erik: i'm doing a staycation. i'm avoiding all that. stephanie: i'm not. i'm wearing shorts freezing on the beach. i'm going to time when i leave. everyone is going to be crying a

i am erik schatzker. olivia: i'm olivia sterns. stephanie is off today. shrugged at nearly $6 billion in fines against some of the world's biggest banks. erik: right now it is time for some top stories this morning. we begin with a big takeover in the pharmacy business. cbs, the largest retailer of prescription drugs in america has agreed to buy nursing home pharmacy on the care -- omnicare. the debt is $12.7 billion in omnicare is a geriatric business delivery drugs to manage resident prescriptions. greece will try to break the scale in bailout talks at the summit. greek prime minister tsipras will submit a plan to fix the country debt and he will also unveil a new proposal on sales taxes. the number of tsipras' party says unless europe unlocks a bailout money, greece will not be able to retain an imf loan for the next month. olivia: richard shelby wants to make the most extensive changes to the dodd frank financial reform law. one of his proposals could free up $66 billion in capital for 11 lenders including american express. shelby's committee vote deba

erik: and i'm erik schatzker. that's a disappointing day to michael mckee now. you, erik when you see a bad number. the university of michigan

he spoke with erik schatzker and stephanie ruhle about the need for philanthropy. >> i have looked ativing substantial money to yale over time. that people in life tend to find me now. this is not a surprise. they approach me with a few alternatives of things that might be of interest and this one particularly was of interest to me. stephanie: isn't that the challenge? people find you. you are one of the most accessible people in the financial industry, especially in new york. you must get calls every single day from universities, where the causes, medical research. how do you decide where to put the money? great question because it is not exclusive to me but the people who are sort of in my genuine situation. we do get calls like that. all the time. it's very difficult to figure out which one of the many, many worthy things you support. haveo every buddy needs to -- everybody needs to have some focus on that means something's don't get supported that you would love to. erik: you and bill gross and others, too, i mention i would have to see bill gross and he told me, i believe it was

he spoke earlier with erik schatzker in betty liu. he hads able to surmise just advised something called the national stock exchange, a small penny stock -- less than 1% volume stock exchange based in new jersey. some clients on buying that and then he went to china. i think this is a business thing. about how your piece you were trying to find these guys. talked -- >> talk to me in 2008. >> you cannot find dick fuld at all. .> we know what he's doing >> he is to have his attorney who would take all the calls and then say no, he won't talk to you. his attorney retired and so now, he's got no one playing that role. made half piece, he $1 billion, right? in about seven years time. y is he going to come out again? why not just go away, by an island somewhere and live out the rest of your life? >> this is about redemption. he was viewed as the villain of this crisis. for folks like dick fuld, its annexes tension -- existential question. is there redemption? i was looking at the list of former members of lehman brothers executive committee

i am erik schatzker. has gone off to a conference and you will see her in less than one hour. let's start this hour with a bulletin of the top stories we are following right now, including the changing of the guard at cisco. john chambers is stepping down as the ceo of his computer networking company and he will be continuing chairman of the board and the new ceo successor will be the senior vice president, chuck robbins, who has been with cisco since 1997. chambers was planning to step down already, so it's not a huge surprise, but it does come early was cisco has been cutting jobs and overhauling hardware. investors don't appear to be too impressed by the mcdonald's restructuring plan. shares of the world's largest restaurant chain are down by half of 1%. steve easterbrook promised to remove and listen to customers as they try to reverse a sales slump. mcdonald's is promising to return more cash to shareholders . now this, the republican presidential field is getting more crowded. carly fiorini and reti

so erik schatzker sought for himself. flood of theide first companies to set up shop.will hear from one of the top executives. ♪ pimm: myanmar is open for business after a decade of economic isolation. betty: worldwide is the first up. hotels aren giant to set shop. erik schatzker went there to see the potential and challenges of operating in this new frontier market. erik: for almost 50 years this country was closed to the west. imagine the billions of dollars to get infrastructure. that by default is a tremendous opportunity. it has been only three years since the u.s. lifted sanctions. helton moved fast. already there is a 200 room hilton and the new capital city. a beach resort on the bay of bengal, and plans for three more hilton. >> there was a great interest from a business perspective to come to the country, and also from a leisure perspective. erik: for decades, this is what the world's irma. knew of burma. now tourism is taking off. growing by more than 400% in 10 years. the rest of the world is starting to discover the breathtaking beauty and rich history an

i am erik schatzker with my partner stephanie ruhle.terview with bill gross. philanthropy is now how bill defines personal success. he has already given away $700 million, figures he calls staggering even for him. he made his fortune at pimco, an investment firm he founded in 1971. last september, he stunned the financial world by leaving forced -- for janus capital. when i sat down with bill to talk about his new life, i had to ask why is he even doing this at all. bill: one of the reasons that i'm still doing this is to prove that i've still got it. maybe like a 38-year-old quarterback that still has an arm and can take his team to the super bowl. it feels great. erik: to whom do you need to prove anything? bill: that is my particular problem. i understand that intellectually not many people care. my wife does because he has the put up with me at my. it is an obsessive thing that has informed me and help form pimco. when you get to be 71 even though you can figure it out intellectually, you don't necessarily lose it. erik: there are p

and i amthomas staton, joined by my partner, erik schatzker.ll be back with "bloomberg market day," we have a lot more to cover. stick around. ♪ thehanie: welcome back to "bloomberg market day," i am stephanie ruhle. we're looking at the u.s. markets right now and julie hyman has the big stories on "bloomberg market day" right now. julie: we should point this out right off the bat, we have some volatility here, some take gains yesterday, although the her,tude -- big gains in although the magnitude is gainsr from yesterday -- yesterday, although the magnitude is smaller from yesterday. we have equipment stocks that are doing quite poorly today, united rentals is one of them. they spoke at a conference last night and said that revenue in may is coming in a little softer than we had in mind. that is according to the ceo, and shares plunged by more than 9.2%. is the name that indicates here, and we heard from officials in other tereznies as well, and erex sees at challenging environment and other equipment makers are being pulled down as well, that

erik: i'm sure it's -- i'm erik schatzker. betty: julie hyman is in the newsroom with headlines. julie: another number that the economist estimates, showing a gain of 3.4% month over month. this is a measure of people who are signing contracts to purchase previously owned businesses. some of the recent data we have gotten is showing that this trend in housing market could be continuing. the number, 3.4%. economists had been looking for a gain of 0.9%. that puts the year over year number at a gain of 13.4%. it looks like another good sign for the economy. saw a add on to what we few days ago with new home sales and durable goods. erik: lots of strong numbers. sales. -- new home sales. weston a look at what -- let's take a look at what is making news. new figures indicate job market remains well. applications for unemployment benefits remains low for the 12th straight week. when the number is that low, it typically means there is a healthy level of hiring. debate about of the definition of full employment, nevertheless it may lead employers to wages and retain workers. san francisc

stephanie ruhle and erik schatzker wishes. -- will be there. stephanie: erik schatzker witches.. but we are both headed to vegas tomorrow. but for today, the sohn conference. it happens every year, the biggest in the industry come and present their best ideas to eager investors and it's all for charity, for cancer research. at 12:00 we will stream david einhorn's presentation live. and you know that as soon as david einhorn get on the stage and get behind the podium and utters a civil -- a syllable the stock moves. it's all very entertaining. we will have barry rosenstein, a very well-known activist investor. and think about it just a day after carl icahn talking about the value of activism kind of taking a jab at larry fink, it will be interesting to get very resins point of view. barry rosenstein;'s's point of view. betty: herbalife earnings are out. will he talk about that at all? stephanie: bill ackman will never miss an opportunity to beat that drum, and so he will definitely cover herbalife, but what else he will present, we don't know. betty: what else could he say about

that is erik schatzker and bill gross. still ahead, can you spot the forgery? ll talk to the sherlock holmes of wine. ♪ erik: the global wine auction market has more than quadrupled. wine fraud has surprisingly jumped along with it. that means new job openings for private investigators want to sniff it out. toine down the has a mission rid the wine industry of counterfeit and stolen wanted here is what she looks for when she tries to identify a bottles authenticity. clients brought me this bottle about four years ago and it took me 20 seconds to find out it was unquestionably a counterfeit bottle. wine fraud is not new. unfortunately, it is pretty safe to say that anybody who has been collecting and buying wine in the last 15 years have probably purchased at least one counterfeit wine. we manage private wine collections for individuals, people who are just starting to collect, all the way up to people who have tens of millions of dollars worth of wine. we also specialize in authentication of fine wine writer to be the sherlock holmes a wine. -- where i get to be

in the loop." >> live, from bloomberg headquarters in new york, this is "market makers," with erik schatzkeranie ruhle. erik: the morning, everybody. welcome to las vegas, here for the salt conference, the gathering of the biggest, best, and brightest. stephanie:

i'm erik schatzker. olivia: i am olivia sterns. erik: another retailer reports tough earnings. are doing things right. not too many. olivia: later today, we will hear from a economist on challenges for the eurozone and greece. erik: first, top stories, the biggest acquisition ever in the semiconductor business. technologies agreed to by broadcom the latest deal in an industry that has been consolidating. of all go -- avago is based in

this is "market makers," with erik schatzker and stephanie ruhle. erik: good morning once again.ching "market makers" on bloomberg television at our new time. i erik schatzker. stephanie: i am a stephanie ruhle. we have a lot happening all day. the justice department making an announcement about settlements totaling billions and billions of dollars. the banks involved, some of the biggest. citigroup, j.p. morgan chase barclays, rbs and ubs. we will get that an announcement at 10:00 a.m. on bloomberg tv. erik: still a developing story and needs our focus. >> ubs repairs to plead guilty with a fine of $342 million. this comes with four other banks that are ready to settle for $1 billion each for asset manipulation. airbag maker to got to agree -- airbag maker to conduct the grain to the largest recall in u.s. history. the recall will almost double. yahoo! down today. a rule change that might complicate alibaba, the move could affect the existing plan for a tax-free spinoff. >> saturday night live. i am colonel sanders. and i am back, america. stephanie: in other top stories right n

bill gross spoke with erik schatzker earlier today. announced it at the same moment i thought of it. i had not had the time to put on the appropriate amount of positions. from that standpoint, the execution was poor. so there will be less spontaneous expression from bill gross in the future? bill: i hope not. if anything, i want to continue , toell you what i think open my books and write the books and at the same time, leave the room, so that's the better procedure. it's more to do with how you put on the trade unless to do with how you structured it? bill: the structuring, also. i thought the yields would go up toe slowly and less quickly the extent the structure i produced in technical terms was an options strangle than selling calls and selling puts. it was 50 basis points higher in yield. it was surprising to me. executed as well as the timing of the trades themselves. erik: you write that it still makes sense to arbitrage the difference between german bunds and treasuries, for those who haven't read it, please explain. bill: what

erik schatzker was there recently just a few weeks ago and myanmar. political problems still in myanmar and as it looks for foreign direct investment, is this economy ready? erik: an excellent question. the economy is opening up to the west for the first time in 50 years. in the 1960's, a military dictatorship to control of the country and experimented with russian-style central planning. the terrible failure. tremendous property in the country. you remember protests in the 1980's and 1990's. efforts to try and lift up the burmese people and since 2010, the country has been moving in the direction of a western-style democracy. is it ready? it will take a little while before we find out what is clear . all kinds of western money is pouring into the country from america, europe, and particularly from places like south korea and china. brendan: what did you see when you were there? the society unchanged or in the last two? years, has anybody got a cell phone erik: depends on what part of the country you are in. the western state are where the migrants or

coming up, erik schatzker him stephanie ruhle getting through the economic morning.oin them. we are looking for "market makers." we leave you with the data check of the yen at 191 below 120. the euro at 111. "market makers" continuing on bloomberg television. we will keep you going on bloomberg radio worldwide. good morning. ♪ ♪ t makers" happening out a new time. i'm stephanie ruhle. erik: obviously we have moved. you can see betty liu at noon eastern. it is part of our new coverage starting at 10:00. stephanie: she was with you for breakfast and now she is with you for lunch, but here we are. hope you enjoy. coming up in this hour, monday begins with a deal. noble energy to bride -- by rosetta resources for whopping $2.1 billion in stocks. everyone is looking at the oil industry. there is more and and a to come. tom: another showdown over greece. florence -- foreign prime ministers meeting over an accidental default. stephanie: and coming up, a former time warner chairman. the one and only dick parsons talking and and

erik: welcome to encore, i'm erik schatzker.

i am erik schatzker. olivia: i'm olivia sterns. stephanie is off today. in fines against some of the world's biggest banks. erik: right now it is time for some top stories this morning. we begin with a big takeover in the pharmacy business. cbs, the largest retailer of prescription drugs in america has agreed to buy nursing home pharmacy on the care -- omnicare. the debt is $12.7 billion in omnicare is a geriatric business delivery drugs to manage resident prescriptions. greece will try to break the scale in bailout talks at the summit. greek prime minister tsipras will submit a plan to fix the country debt and he will also unveil a new proposal on sales taxes. the number of tsipras' party says unless europe

i'm erik schatzker. bill gross earned his reputation as the most ed

erik schatzker right there. if anyone says, are you feeling a bubble, right there, i am feeling a bubble. welcome back, 2007. erik: we have got breaking news. >> emc will hold a privately held company. the new managed cloud services business. the company bolts on acquisition here, although emc is already into that type of business there are nine acquisitions over the past year or so. it looks as if this may be the largest. erik: we take you to the five things we need to watch today. it is the big take over agreed to buy time warner cable. there was a statement moments ago from the communications commission saying the fcc issues every merger on its merits and determines whether it would be in the public interest. absence of harm is not sufficient. the commission will look to see how american consumers would benefit if they were to be approved. tom wheeler talking out of both sides of his mouth. he picks up the phone on the one hand and calls the ceo. stephanie: "business, dealmaking welcome. erik: we finally see t

i know it is a focus of stephanie ruhle and erik schatzker. -- is america and consumption.hael mckee is an optimistic guy and he was sobered by what we saw last week. retail is truly front and center as we go into june. >> i am going to jump in here. it is housing. will millenials unbundle when it comes to housing. the national association of home builders are out with their survey. it is the first of the spring data. it sets off a week of housing data -- tom: a single-digit market. >> back to it. homebuilders consolidated in april. they were down eight percent. having shot up 25% to march. it is interesting what they say, the homebuilders. tom: the basic idea, there is january to march, and then you delay a little. is it into may as well? the first quarter is still going on now. >> yup. brendan: my agenda is greece. we heard the endgame would be in may. we pay attention to the politics to what happens when 4 -- finance and prime minister's get together. greek banks are running out of collateral. a note from j.p. morgan chase. pressure is on central government cash flow, th

erik: welcome to encore, i'm erik schatzker. bill gross is the most feared

bloomberg. ♪ >> live, from bloomberg headquarters in new york, this is "market makers," with erik schatzkerephanie : good morning. you are watching "market makers." erik: front load -- euro area bond purchases. that news has jolted markets. stephanie: walmart has a lousy quarter. erik: apple tv -- what are apple's plans? what does carl icahn have to stay about it? stephanie: he likes them. he said from the beginning he likes tim cook. he is saying with all of the money, why don't you buy stock that. while we get you up to speed with the headlines. click's greece -- >> greece's finance minister telling us the nation

arket makers," with erik schatzker and stephanie ruhle. morning. it is wednesday, may 20 and you are watching "market makers" at 8:00 erik: eastern. i stephanie ruhle. i am erik schatzker. billions of dollars in fines. stephanie: we will learn much more in the next two hours when the justice apartment officially makes the announcement expected at 10:00 a.m. eastern. the banks involved sitting -- citigroup, barclays, rbs. erik: the fifth bank is ubs and we have heard from that bank this morning. we would get back to banks in a moment that let's talk about target because they reported earnings. julie hyman has the details. it looks like target had a good quarter. julie: it did. if you look at the earnings pressure, they reported $1.10 and $1.2. they have been emphasizing its children's and baby and wellness items. that strategy seems to work.

thank you to erik schatzker for smart comments on the toronto maple leafs., who wins? david: i have got to go for new york. and i will go for chicago as well for the same reason. they have never faced each other in the finals. tom: the original six teams going back to our childhood, will the rangers play the blackhawks? congratulations to gary bettman for a great season of nhl. david, come back when the canadians actually win. fifa, are we going to talk fifa on monday question mark? brendan: i do not know. tom: stay with us on bloomberg radio and bloomberg television as the g7 speaks at of dresden germany. ""market makers is quote next. ♪ kers." stephanie: happy friday. this is "market makers" on our new time slot. erik: the gdp ridge's vision and a fee for vote is coming. let's get to our top stories. less than 30 minutes from now, we will get the first revisions on it gdp data. they will show that the u.s. economy shrank. the initial showed it grow 0.2%. now it has probably contracted 0.9%. the present of the st. louis fed does not appear concerned there a

olivia: erik schatzker on wildfires in california. this is fun. : i will see you at this time tomorrow. olivia: still ahead, american idol just announced its upcoming season will be its last one. a big part of tv ad dollars. i will find out where the ad money is pouring into. ♪ olivia: good morning and welcome back to the bloomberg market day. i'm olivia sterns. european finance ministers are hoping to see some sign of progress from greece at today's meeting in brussels. they will not release any more bailout money until the greeks come up with more economic reforms. >> the occasion today for the greek authorities to reassure their partners to show their commitment to find a deal. i can assure you that we have that will. i think today will be an important step. olivia: the government alexis tsipras expects the eurogroup to a knowledge that greece is moving in the right direction. greece is quickly running out of money. tomorrow it has to pay $840 million to the imf. china's central bank is trying to jumpstart the economy. the people's bank of china

erik schatzker is live with the bond team right now. erik: as scarlet just said, you short of at this lifetime being well-timed but not well executed. i'd like to know what you mean by that. mean bungled and i know you have to create some excitement on the broadcast but what i'm that was -- what i meant was at the same moment i thought about it, i had not had the time to put the appropriate amount of positions to take advantage of the german bund prices going down in yield. so there will be less spontaneous expression from bill gross in the future? bill: i hope not. if anything, i want to continue to tell you what i think, to basically open my books, but at the same time, to leave the room and start putting some trades on. more to do with how quickly you are able to put on the trade and less about how you had to structure it? structuring, also. i thought yields would go up more slowly and less quickly. to the extent the structure i produced which in technical terms was an option strangled with selling calls and selling the quickness of t

bloomberg radio. ♪ >> live from bloomberg headquarters in new york, this is "market makers" with erik schatzkerhanie: good morning. are you surprised to see us? i hope not. this is our new time every morning from 8:00 to 10:00 eastern. erik: you can see betty liu at 10:00 a.m. stephanie: verizon agreeing to buy aol for 4.4 billion dollars. i bet you were not thinking about that when you went to bed last night. the deal gives verizon access to new digital content and advertising platforms. a lot more on that coming up. erik: blackstone ceo steve schwarzman on many things, including his latest deal. $150 million gift to his on the modern, yell.

erik: and i'm erik schatzker. that's a disappointing day to michael mckee now. chael: i want to be like you, erik when you see a bad number. the university of michigan comes in at 88.6. now it was 99.9 last month. and that was forecast that it would be the same. it looks like it's dropped to both in the expectations and current conditions index. current conditions fall to 99.8 from 107. or the next six months, 81.5 from 88.8. something happened to really worry consumers. we'll look at it with the folks from the university of michigan coming up shortly. expectations have picked up 2.9% from 12 months inflation. now, the fed has wanted to seethat, this may be all the reflection that the gas pryce prices should be rising. gas prices up. people don't feel good about their prospects and see more inflation in the numbers but these don't always transfer to what happens in the stores. alan greenspan once famously said we watch what they do not what they say. >> stocks took a nose dive. the s&p 1%. erik: they had already dipped negative before the number came out but now

our erik schatzker is there and will have updates, coming up. ♪ mark: fits 11:00 a.m.sco, 2:00 a.m. and hong kong. ia: the honeywell ceo's is the hitch the euro for the first time in years. isk: american ballet theater selling its 75th anniversary. how the ceo or revenues by nearly 20%. scarlet: the preakness is running tomorrow could what are aoh words that american phar could win the second leg of the triple crown? mark: good afternoon from bloomberg world headquarters in new york. i am mark crumpton here with scarlet fu. scarlet: tgif. mark: yes, it is. scarlet: we have been trying to make our way back to the unchanged line. haven't gotten there yet. if you look aea