it will be paying glaxo smithkline $14.5 billion for glaxo's cancer drug business. the price tag on that transaction could rise to $16 billion if certain development milestones are met. novartis is also selling its vaccine business to glaxo for $5.3 billion. that price tag could rise to $7 billion depending on milestone payments as well. glaxo and novartis are combining consumer units in a join the venture. in a separate deal, novartis is selling its animal health division to eli lilly to $5.4 billion. ceo joseph jimenez says these deal will improve the financial strength and add

it will be paying glaxo smithkline $14.5 billion for glaxo's cancer drug business. the price tag on that transaction could rise to $16 billion if certain development milestones are met. novartis is also selling its vaccine business to glaxo for $5.3 billion. that price tag could rise to $7 billion depending on milestone payments as well. glaxo and novartis are combining consumer units in a join the venture. in a separate deal, novartis is selling its animal health division to eli lilly to $5.4 billion. ceo joseph jimenez says these deal will improve the financial strength and add to growth rates immediately. a lot of moving parts here. it is completely overhauling and remaking this company. >> it just depends on which businesses fit in with the ones you have and how you want to position yourself for the future. we're talking to lickliter, aren't we? >> we are. from eli lilly. >> novartis is up 1.25% in reaction to the news, glaxo smithkline is up by more than 4.5% and eli lilly up by 0.5%. a couple programming notes for glaxo's ceo, sir andrew witty will be here. at

what they sell -- they bought from glaxo to stop -- and glaxo. are they overpaying?umbers.ed at the if you do not include the milestone payment of $14.5 billion, is around nine times, over nine times sales for college stuff that is a very chunky number. i think what is driving this is the excitement about the potential combinations of other products. if you remember, novartis about a company-- bought .hich is trying to treat cancer very revolutionary way. of whate combinations glaxo brings to the table and novartis has that could be quite exciting. what isis probably driving this. >> will we see many more deals? we sigh he is looking for other bold decisions. z ise saw that mr. jimene looking for other bold decisions. they are looking for other drugs. >> the deals are in the air. one of the scenes we have been following, pfizer and astrazeneca and the talks which are now dead. and everything with novartis is these chief executives and pharmaceutical sectors are ready to make very big decisions. they are dusting off these six files on big transactions that they have h

novartis and glaxo are combining the over-the-counter division. some massive deals taking place within the drug making industry today. we will keep on top of that throughout this morning's show. cheering.rs are more on that story and the latest earnings from the company that popularized binge watching. underthe geneva accord is fighting words, our investors caught in the middle? ♪ >> time for the days company news. teaming up to bid for allergan. pershing square, the fund run by bill ackman have been bidding for allergan. and holding formal and is continued talks to buy astrazeneca. there are no plans to resume them. deposition would be among the revived.ver if tessa is looking to build cars in china in the next two to four years. the ceo said the company is building a big network of battery charging stations in china. the news comes as elon musk prepares to deliver the model s and the country. >> time in london 6:16 a.m. joe biden is in ukraine this week after a weekend of increased violence following the death of three oh-russian activists. -- p

novartis was number two in cancer, glaxo number two. glaxo for a long time has been a leader in vaccine, now they're beefing up even further. >> and it has been a very strong start to the year when it comes to pharma m & a. the strongers start since 2009. >> and that doesn't include the hostile deal we're talking about. >> let's talk about the not so friendly deal of today. and in order to identify some of the targets out there. >> you know what happened, you are staring in herb's eyes. >> totally distracted. i'm not used to gazing at herb's beauty. >> it happens to me all the time. >> it was amazing. >> herb greenberg is here. >> he is here, distracting me. we want to talk about some of the potential takeout deals. what else can be a target? let's start off here. let's start with you, where are you seeing as potential targets here? >> this is fascinating stuff. just a couple quick points. what is driving some of these deals is not necessarily having products for the sake of filling your pipeline, but also what i call the management arb

deal today already glaxo.arl, let me get into the m and a tactics. allergan is going to be up. we're talking about a deal that is exceeding $45 billion, the move up in valeant stock keep an eye on it. the path here, they've missed the annual meeting. you can act by -- you can act by 25% to call a special meeting but you need a 50% vote to actually vote out all the directors. so this could be a battle at the same time with the stock moving from 116 to 166, it's going to be difficult for allergan to say no, thank you. the question is what they will choose to do. they will have some time to figure out a strategy. of course we're going to be following this battle a long time i have a sense to come. >> one last thing. the analyst, many, many analysts downgraded the stock from 120 down to 80. as david came on "mad money," over and over, said don't worry about patent protection for the op that mall drug. he was right. once they got the patent protection and not worried about the generic this thing has been on fire an

and glaxo will buy the vaccine division from novartis. shares of glaxo and novartis made advancements during the session ... eli lilly dropped 1%.the deals are expected to be complete in the first half of 20-15. another quarter of disappointing results for mcdonald's. fir the first 3 months of the year it reported a sales decline of 1.7%. the world's largest restaurant chain has been struggling for more than a year to introduce new menu items while its rivals did that and pushed discounts. the company did point to some good news - declines were narrowing and global sales were slightly higher in april. mcdonald's closed down 35 cents yesterday. the activist investor pressing darden restaurant group to halt spin-off efforts of its red lobster chain gets some shareholder backing. jeffrey smith's starboard value has gotten consent from 54% of shareholders for a special meeting to vote on a proposed delay. darden now has 60 days in which to call a meeting to consider the non-binding proposal. darden shares closed up 3% yesterday. earnings give

novartis beefing up, and glaxo admitting maybe it's not where it's the strongest. buying the vaccine area from novartis. so the companies are saying, hey, we won't do everything anymore, but we'll do what we do well really, really well. >> you wonder how much this is moving the same pieces around versus creating new value for shareholders. >> well, it's interesting -- >> what is gsk doing with the oncology vaccines? >> novartis is a proven leader in oncology. they're number two in the space. so when you have novartis going gang busters like that in cancer, adding a few more assets, it will add a lot of value for that company. >> it's a rationalization of the product lines. so they're looking to have more synergies, internally, cut back on r&d, in product lines or development that may not be that meaningful for them. the most interesting back story, actually, is on valeant with ackman, and also jay michael pierce, the ceo of valeant. he never ran a company before, but he was the most respected person in health care running the health care practice. he's embarked on

the deal that glaxo made with novartis will be a focus.m pharma to other areas is very important. >> thank you very much. that sets us up very nicely for our glaxo numbers. that will do it for us. we will see you tomorrow. ♪ . . >> welcome to "on the move." i m&a's connie at bloomberg's european headquarters in london, infra francine lacqua. just moments away from the start of european trading, we have everything covered from companies to currencies. here with me now, ryan chilcote, jonathan ferro and david tweed. jon, let's kick it off with you. futures indicating just a nudge lower. what is going to be the focus of the day? >> euro zone inflation. last month, 0.5%. this is the first reading for the month of april, expecting it to bounce back to 0.8%. there is a risk that it comes under that point. i think the spanish numbers -- >> we are waiting for the spanish gdp and the retail sales to come out. as soon as we get those, we will flash those at the bottom of the screen. david tweed, you have got the stock of the day. alstom, we are wait

glaxo is getting bigger into vaccines. and eli lilly is getting bigger into animal health.he bigger themes across all of these countries -- companies is that they are trying to focus on what they do best. it is not, let's do everything for everyone and you have to be big. now, it is about focusing on not one thing, but a few things. >> novartis, one of the things they want to focus on is cancer drugs. >> right. >> and one of the things that glaxo smith klein wants to focus on is the vaccine business. and eli lilly wants to focus on the animal health business. steve brozak, do you agree? is this what they are trying to do? >> absolutely, and the way we look at it is, not too big, not too little, but just right. and we saw this yesterday with bill ackman going out there and frankly, spearheading the acquisition of allergan. >> we will get into that deal. i'm curious, why is it that they have chosen now to make this three-way swap? >> there is the cynical side of me that says, there is a banking reform act and investors are saying, you've got to do something because revenues a

glaxo is getting bigger into vaccines. and eli lilly is getting bigger into animal health.he big themes across all of these companies is that they are trying to focus on what they do best. it is not, let's do everything for everyone and you have to be big. now, it is about focusing on not one thing, but a few things. >> novartis, one of the things they want to focus on is cancer drugs. >> right. >> and one of the things that glaxo smith klein wants to focus on is the vaccine business. and eli lilly wants to focus on the animal health business. steve brozak, do you agree? is this what they are trying to do? >> absolutely, and the way we look at it is, not too big, not too little, but just right. and we saw this yesterday with bill ackman going out there and frankly, spearheading the acquisition of allergan. >> we will get into that deal. i'm curious, why is it that they have chosen now to make this three-way swap? >> there is the cynical side of me that says, there is a banking reform act and investors are saying, you've got to do something because revenues are going down, a

selling the business for $7 billion to glaxo. and selling to eli lilly >>. they will film a -- they will form a consumer giant. >> let's turn to updates from silicon valley. facebook and apple released quarterly earnings. jonathan ferro has the details. something for investors to smile about. >> on both stocks, apple and facebook. pop ink delivering a 72% revenue. the shift to mobile ads continues. both apple and facebook doing what they do and doing it really well. let's call it iphone he. -- iphoning. they have delivered six mormon -- 6 million more iphones than people anticipated. seven -- 4.7%.of this was the vest quarter outset of a holiday. ever. ipad sales down 16%. the bottom line is, the ipad, that product is contributing less to overall growth than it has in the past. that is a concern. the question over what is the next big thing? where is the next big product? that continues to be asked. tim cook was pretty blunt. he said, it it means more to us to be right than first. >> shareholders are feeling more wealthy. let's not just gloss over that. that

novartis unloading and picking up some assets and deals with glaxo smith klein as well as eli lilly. bill ackman backed valley and pharmaceutical. going after allergan. he outlined his intentions on bloomberg tv's "market makers." >> we are saying that the combined business is a much better business than either business separated. we have committed a large amount of capital to this entity. we have committed to a select stock in the venture. we have a contractual requirement to own it for a year. we intend to own it longer than that. we are a big believer in not just of this transaction and what the company becomes, but we are a big believer what happens when deal two and three and four happen from here. 102, 103, 104. >> bill ackman of pershing square capital with some insight into the evolving landscape of the pharmaceutical industry. somebody who has worked at novartis, merck, and bausch & lomb, dr. flemming omskov is the chief executive of the dublin-based shire pharmaceuticals. thank you very much for being here. let's start off talking about the mergers and acquisitions and asse

novartis strikes a multibillion-dollar agreement with glaxo. allergan gets targeted for a takeover. >> who is getting behind the wheel after alan mulally? manchester united takes to its coacho say has left the club. good morning to our viewers in europe, good evening to those in asia, and a very warm welcome to those just waking up in the u.s. i am guy johnson. >> i am francine lacqua. this is "the pulse," live from bloomberg's european headquarters in london. >> we will be talking about how did we invest in technology. ariadne capital's julie meyer was one of the first to back skype. what is new in the startup landscape that she has her eye on. the drugg day for industry. novartis overhauls its product portfolio and announces to the billion-dollar deals with glaxosmithkline and eli lilly. >> allergan, the botox maker, byng targeted for a takeover bill ackerman's pershing square. samplespbell and elliott -- sam fazelli. a bus,a -- you wait for come., suddenly they all >> pharma tuesday is the working title. it is obviously an element of coincid

>> it's an interesting study that just game from glaxo dental and another study that shows there's someetween the alcohol in this kind of mouthwash and oral cancers. there is no proof yet, but there seems to be some sort of a link. this particular study they looked at some patients who had cancer and some who didn't of the ones that used the mouthwash three times or more there seemed to be an increase in the oral cancer. >> a day? >> a day. that's part of the issue that we want people to know. most dentists will say they don't like the alcohol-based mouthwash because it drys up your mouth and has rebound bad breath that comes back. it may be questionable oral cancer in this particular one so look for alcohol -- nonalcohol kind of mouthwash. oral cancer is obviously a very common disease in this country. about 43,000 have diagnosed, 8,000 still die from this, and smoking, alcohol, chewing tobacco and also low socioeconomic status is a risk factor so we want people to know. the role of a dentist is extremely critical. a good dentist can really look in and diagnose hiv, oral cancers and so

glaxo says it increased its employee monitoring since the chinese government began its investigation. it's unclear how many jobs were cut. an alarming amount of pre paid cards are charging fees. bankrate dot com finds a surprising 83% of the cards have add on expenses. prepaid accounts charge extra for activation, customer service calls, and account statements. those fees vary considerably-- from 50 cents to $9.95. greg mcbride of bankrate.com believes--- the better route is traditional debit cards. "long term, if you're going to build wealth, save and invest for the future, you need to be part of the traditional financial system. " mcbride adds that the pre-paid products are popping up in more national and regional banks. the threshold to reach the top one percent is a little lower than just a few years ago. using the most recent i-r-s data from 20-11, cnn reports that if you earn at least $389-thousand dollars a year--you're in the top one percent. in 2007, before the financial meltdown, it took more---426-thousand. what hasn't changed----the sort of work that pay commands. top earn

glaxo is now with joint batches of the job involves putting fifth. there's no increased risk to patients health. we don't make him and talks a lot of tests on the belief there is no increased risk of an age fifty and in addition to this. the us food and drug administration has warned doc so smith nine nonetheless the company addresses the deficiencies identified at this concert. it may withhold approval of any of its new products and me even back in existing doc soto has manufactured here from the united states that still has a week to respond. custom cd fourteen use part of any county court. then something had to pay tribute to the women of color mom's cousin mike and he condemned the british ambassador to ireland joined members of the defence forces. chris our many of them and send jake to mark one hundred years since the organization was antics i i i i do. the names and faces are almost a century after the first man to queenstown town today come in the mind where in an age. as with most of the act was to the nineteen sixteen rising nurses courier

novartis in the glaxo getting together and perhaps wiser. taking no for astrazeneca to the tune of some one hundred billion dollars. people just not that that would be advantageous for them. shareholders of companies perhaps saving costs and pooling resources making more profits in the end. the shares leading the market indices like the docks and the stock's fifty for the top. shares in germany and in europe and all this enthusiasm over takeovers over switching of the divisions in units helped overcome the fear of an escalation of events in ukraine. so the whole market also profited from that development. steam for two to remove the football news now where english premier league side manchester united has fired david moyes as coach after last season on the job veteran player ryan giggs will take charge of the team until a permanent placement can be a while man united are currently seven on the table and have missed out on next season's champions league as a huge blow for one of the richest and up until moines ten year ten months ago one of t

you said the oncology deal with novartis along with glaxo, here we are with pfizer going after astrazeneca. do these kind of deals bank up? >> one of the reasons they may be doing this now as opposed to before -- there is no logic to that -- but pharma companies are now getting through. they are getting more confident with regards to their capabilities. perhaps they want to be making sure that they are the big winners going forward. that is one of the few things i can think of as a major driver. they are feeling a little more comfortable with their own valuations. >> gentlemen, we believe that there. this is a suspect we will be talking about more over the next few weeks. manus cranny and sam joining us from bloomberg industries. let's continue the m&a theme. francine, over to you. >> thank you so much. let's focus on alstom. alstom stands at the center of a bidding war. siemens has won support from french officials for its asset swap plan. in the meantime, ge's jeffrey immelt will make his case to president hollande. ndns nichols is in berlin a matt campbell is in london. how is it lookin

manager,investment maybe you have some exposure to glaxo, whatever.o you begin to eat say to yourself, if i haven't got exposure in these other names, i should begin to add that into the portfolio? >> we have investments in novartis. a balance between biotech and old name for a companies. that is how i manage portfolios. m&a in europe is also going to catch up. you are going to see not very strong gdp growth or a lack of growth that we have seen. you will see companies merging together to increase their profitability, to hit their return on equity target. there could be more deals in europe. yourself?you position is it a shorter-term perspective? industries, do i begin to cherry pick industry groups where i think the value is? you pick stocks, you still pick good businesses. you position yourself with the cycle. financials, tech, industrials, these are still the names i would like to hold. europe this year has not done very well. the second half is where we are going to see some performance. you had a lot of earnings this week. we will have more next

. >> and one of the things that glaxo smith klein wants to focus on is the vaccine business.nd eli lilly wants to focus on the animal health business. steve brozak, do you agree? is this what they are trying to do? >> absolutely, and the way we look at it is, not too big, not too little, but just right. and we saw this yesterday with bill ackman going out there and frankly, spearheading the acquisition of allergan. >> we will get into that deal. i'm curious, why is it that they have chosen now to make this three-way swap? >> there is the cynical side of me that says, there is a banking reform act and investors are saying, you've got to do something because revenues are going down, and you can only grow earnings per share by cutting. let's focus on core competence. let's increase the sales we know are predictable, because shareholders like critic ability. that is what they are focusing on. like because shareholders predictability. that is what they are focusing on. >> shannon, is that what is going on here? >> a lot of these deals seem to come in clusters. i don't know if that

has been a big week for deals in the pharma sector with a handful of exchanges between novartis and glaxo is back in focus after novartis results came in line and astrazeneca missed. joining us is the head of european pharma research. great to have you on the program. first of all, we focus on the mna. how telling are these results? the earnings will be changed in the future as all these companies find their battleground. >> what we have seen in novartis this morning is strong results. been a big issue and will continue to be a big issue. pharma continues to be the main driver in novartis. that is somewhere they have strength. that is what we saw with the gs k deal. , the results were disappointing because they were investing for the future. we see investments in the new pipeline. and we have seen an investment in a new diabetes asset they have launched. i think for astra, the key is about how they can execute on the pipeline. look at thewhen you share price, astrazeneca has gained 2.5%. earnings were lower but investors are focusing on the pipeline and the drugs they have that will be wo

a strategy type of deal like glaxo and a synergy type deal like valeant and aller gin. i think bristol meyers is the biggest of my three picks. it's an $80 billion company and more of a cost savings deal. bristol meyers operating margins are half of what we see others in the industry make. i think a company could come in and drive earnings growth through synergy opportunities. >> let's talk about milan. metta has rejected it. you see this company as a target. >> milan is a bit more swallowable than bristol. about a $19 billion market cap and it is looking to buy. by milan has had a lot of experience with activist investors in its history, icahn, paulson right now. and milan could offer diversification strategy from a global company that wants to come into the generics market. i know milan said they want to buy, but i think they also put themselves into play. >> insight, not too familiar with this one, this is the smallest of the three, the easiest acquisition. >> this was a growth story, melissa. insight has a cancer, blood cancer product on the market. but in it's pipe

on wednesday, drug side of things, glaxo smithkline, and western digital, as well.es getting attention among investors' circles, and that will be a big one here. yelp, as well, another big one to watch. on thursday, the oil giants, specifically exxon mobil and conocophilips. conoco phillips, exxon mobil, everyone likes seeing its because we had to be whether upstream results match with what's happening downstream. you have -- so it's a huge day. i mean, i want to do this dance for earns, because there's so many you want to watch. honestly, brian, maybe i want to do a little dance for my earnings and everything, you do not want to see me dance again. >> yeah, we do. >> congratulations on your new internet gif. i expect to see it on twitter any minute now. >> don't lynn to the guys, that hit was a thriller. you couldn't beat it. >> the other network has dancing with stars. we have dancing with black holes on -- >> all right. your next guest is the founder and ceo, a firm with a many 5% accuracy rate for identifying companies that will beat or miss earnings. let's welc

novartis is selling most of its vaccines unit two glaxo and its animal health unit to eli lilly, bringingre than $12 million. largest cable company bucking a trend, comcast adding video subscribers. it beat estimates. the company is trying to get bigger. they have asked regulators to approve its $45 billion takeover of time warner cable. joe biden and ukraine, the u.s. has unveiled an eight package. more than $11 million will be spent to help ukraine with next month's presidential election. american experts will be sent to assist with governance issues. shareholders of citigroup gathering in st. louis where the company is holding its annual meeting. the firm failed a stress test and has been dealing with fallout from the fraud accusations and its mexico unit. louis.rg news is in st. could be a harry meeting for these guys. the citigroup annual meetings are always entertaining. michael corbat has a lot to answer for. the shareholders are pretty upset at this point. you mentioned the mexico unit, the fraud down there, the stress test failure. certainly with the stress test, mike corbett --

there is a company out there which has a business model different from what glaxo or other big pharma we are only -- only interested in late stage development stuff. do you think that represents the future of the pharmaceutical business? >> i do not. i think one of the critical challenges is sustainability. 15, 20 years depending out. it is not academic research. it is industry. that the model as you described it is sustainable. the system is one where you have your own innovation that not only produces your ideas but gives you the insight to be able to pick and choose outside who is having a good idea. in terms of vaccination, in babies, rsv is a very important disease. also in babies and mothers, infections that happened during the delivery from the mother to the infant. --the developing were you developing world, malaria kills thousands each year. and developing a pneumococcal vaccine that is more effective than what we have today will be important.l be >> on malaria, do you have an opportunity for bioengineering to supplant drug and vaccine development? there is talk about bioengi

glaxo-novartis, possibly ge-houston. politics is the real capture.t is that doing to the currency markets? begin a slight movement into yen. it is not a dramatic move but you're looking at a one-week high in terms of dollar/yen. 102.25. a couple of companies that are working -- that are worth focusing on. we will broke into these. america coming back from a rebound. energy under pressure. back to you. >> still to come, suite success. the ceo of the bakery of dreams about expanding his bakery empire. >> francine is not excited at all. also coming up, how the cupcake craze pays. you will hear from the founder of the hummingbird bakery about how he got britain hoped on red velvet. francine is going to be tweeting cakes, cakes, cakes. >> hopefully i will be eating cakes but you can follow us on twitter. ♪ >> welcome back to "the pulse" live from bloomberg's european headquarters in london. i am francine lacqua. u.s. prosecutors are seeking a record $13 billion fine against bank of america. the case involves the bank's sale of bonds backed by home loans i

meanwhile, glaxo smithkline is investigating claims that its employees bribed doctors s is jordan andfering travel perks and free samples. the company says it's opened an investigation into its practices, following press reports that the firms have received alleged bribery. the stock trading lower, slightly lower. the ftse down nearly a percent. >>> flattening out of the health care equity market continues. the s&p 500 health care index has gained 55% over the last five years. investors look where to find value. joining us with his views, daniel mahoney, fund manager at polar capital and manager of the company's health care opportunities fund. thank you for joining us. >> no problem. >>s so you're looking for opportunities in health care, do you look at biotech, do you look at services, do you look at the major pharmas? >> we look at everything. we go from biotech, drug companies, medical devices, hospitals. but even into health care i.t. we think it's important to sort of get a diversversification wi a portfolio. >> where do you think we're at at the moment from sort of a broader top

a different story, glaxo smith kline has stopped a long cancer vaccine trial after deciding it will not a group of patients who would benefit. the stock down, but not that much. gm still in the 34-$35 range despite all that is going on at capitol hill with the safety investigation. gm chief mary barra is facing the senate over the ignition key problem linked to 13 deaths. investigators want to know why didn't gm recall the carson a. connecticut senator rick blumenthal asks a personal question. whthis into this. >> is that cobalt car now safe for your children? >> i would let my son if he only had the ignition key. stuart: to you first. the senator wants recalled cars off the road. >> he calls them lethally defective. at only public safety issue, he wants gm to compensate victims and set up the fund because of the 2009 bankruptcy, gm is technically not liable for the old gm prebankruptcy. he wants the doj to get the fund set up. stuart: in financial terms what he is suggesting would add vastly to gm costs. >> absolutely. if back when they fixed the part for $0.57 would've cost $100 milli

today, all novartis talked about is it's buying -- or a lot of time was spent on the acquisition of glaxo'susiness and how complementary it would be for their oncology business. so here again, focusing on the thing they're really good at which is oncology. >> didn't they spin off their business, zoete simbings? >> pfizer. they sold their bet business to eli lilly in this case and rehauled their entire business today. >> a lot for you to do today. >> and more to come. >> as bloomberg television's a reporter. thanks so much. luxury cars are rolling out big in china. we'll explore the growing market for high-end rides down under next in our "global outlook." ♪ >> the beijing auto show is underway and demand for high-end cars is showing no sign of slowing down. our correspondent stephen engle ex-pains as he takes us on a luxurious test drive. >> the same can hardly be said of a lap of luxury for the up-and-comers, austerity measures, credit tightening, slowing economy, be damned, rolls royce for one is predicting another record year in china which last year surpassed the u.s. as luxury carmaker

as for glaxo also down a%. >> the drugmakers on the move. >>> trouble for citigroup and this time themichelle caruso cabrera is back at hq with more. this is relating to the mexican unit. >> absolutely. "the new york times" reporting that u.s. federal authorities have opened an investigation in to citigroup's mexico unit known as banamex specifically related to a announcement of fraud by citi back on february 28th where they acknowledged they had found $400 million worth of falsified receivables. overall pretty small on the scale of citi's revenues which last quarter were nearly $18 billion but when it comes to fraud $400 million is pretty high. we saw mike mayo who is a banking analyst made a lot of news last week when he was on the halftime report saying that citi's cfo should really be taken to task for this, but at the same time somebody who is also going to come under increasing scrutiny as a result of this is probably the co-president overseeing global consumer banking. but he was in charge of banamex from 1996 to 21 and he was promoted toe kroo of latin america of 2004 and co-p