meeting with some of our nation's top ceos at a round stable hosted by former treasury secretary hank paulsonbrera just spoke exclusively with paulson and joins with us that interview now. michelle. >> reporter: yes, the president of the china's visit with american ceos is widely being seen as his attempts to try to influence the american business community. hank paulson says just the opposite. he says he wants the u.s. leaders to influence the chinese president and convince him to commit to market reforms. >> this is a very important meeting for the ceos that are there, both the u.s. and the chinese ceos because there are questions in each of our economies and of course business leaders have really provided the balance for the u.s. china relationship for many years and china is very important to this multi-national companies and their voices haven't been quite as loud in support of u.s. china relations because the business climate is becoming more difficult, they have concerns not just about the economy, but concerns about the pace of reform in opening up and concerns about whether some of t

the second meeting is orchestrated by hank paulson, the former u.s. treasury secretary to talk about a broader swath of the public, from different industries, whether it is the auto industry, et cetera. we have had a wide-ranging conversation paulson and i and right now president obama is considering sanctions against china for cyber espionage. he declined to give the president advice but he did say this. >> ultimately, i think it is very, very important for our two countries to come together. because we need a global regime, a global economic regime that is going to be able to be enforceable and to curb and punish cyber theft. and that can only be done on a multi lateral basis and easier to do that if we work with china. >> there is hope on the part of the white house that by the end of the trip there could be an agreement on cyber rules of the road, so to speak. though not everybody is sure that can be done on this trip but perhaps a good faith effort. big speech by jinping tonight and we'll get a sense of what his mission is here in the united state

berra, apple's tim cook, to name a few, at a roundtable organized by former treasury secretary hank paulson. echoing what he said in a speech last night president xi told attendees he's aware of the economic risks and challenges and steps are being taken to address them. he said china can maintain a high rate of growth for a long time to come. honeywell's ceo told us before the meeting he would raise a number of concerns. >> state-run enterprises need to become more open. they do open of their air space. if you try to fly through china, there's a huge swath you can't fly over. >> reporter: the ceo of dow chemicals spoke after the meeting and said cyber security was topic one. >> commercial attacks on companies like ours are real. they're real and they're from china. okay? the chinese can no longer just turn a blind eye to that. >> it's the government attacking you? >> i'm not going to give you that information but they're coming from china. we're working with all the governmental authorities. companies of high-technology capabilities like ours, our number one, two and three concern right no

one of those meetings orchestrated by hank paulson. >> china is very important to these multinationalompanies. and their voices haven't been quite as loud in support of u.s./china relations because the business climate is becoming more difficult. they have concerns not just about the economy but concerns about the pace of reform in opening up and concerns about whether some of these new laws and regulations are, you know, which are limiting access, they have concerns about the intent behind that. >> just today the current u.s. treasure sect jack lew published an op-ed in "the wall street journal" questioning president xi's commitment to market reforms. the market is of great importance to many parts of the american economy. president x will meet with five u.s. governors including terry branston who has known xi since he visited iowa 30 years ago. they still have a personal relationship and also an economic one. >> china has become a major trading partner. we're the leading soybean producing state in america. 30% of our soybeans go to china. they also recently a chinese company purchas

. >>> and hank paulson organized the meeting. he has the longest bench of knowledge.oing business with china his entire career. >>> how do lower medical bills sound? hillary clinton says she can make it happen under a president clinton. her big plans for health care. >>> i'm christine romans. let's get an early start on your money. u.s. stock futures are up a bit this morning. two down days for stocks. they are struggling because the federal reserve warnings of global growth. we will hear from janet yellen. what will she say about inflation and job growth and when the fed will raise interest rates. >>> volkswagen ceo is out. vw admits it cheated on emissions tests. secret software to allow cars to run clean when they were being tested. >> this goes far beyond cheating. >> the ceo says i'm doing this in interest of the company although i am not aware of any wrongdoing on my part. the stock has been decimated by the emission scandal losing 1/3 of its value. >> other companies will be looked at and countries involved. >>> "early start" continues now. history in the natio

this is orchestrated by hank paulson. there's a second one later about the internet over at microsoft. we have a lot less detail about that. >> we have warren buffett is also sitting next to tim cook, and it's a powerful group of individuals who are in there. we've already heard from the president of china. he as has met with many executives there last night, and he tried to be reassuring on the economy. he promised that there would be no competitive devaluations of the currency in order to push exports. i understand we have brrnz. i'll second it back to you. >> we are getting word from volkswagen that dr. winterkorn is, in fact, stepping down. our firl lebeau has more on that. phil. >> thank you very much, carl. we're awaiting a press conference at the headquarters of folks in germany where martin winterkorn has resigned saying "i am clearing the way for a fresh start with my resignation. i am shocked by events of the past few days. above all, i am stunned that the misconduct on such -- at the misconduct on such a scale

hank paulson organized the summit. cnbc has an an exclusive interview today.losing bell at 3:00 p.m. eastern. it isn't a mild irritation. it's an economic and national security concern to the united states. let's discuss his visit. joining us now is head of asia at risk consultantcy. what are you expecting from the visit? there will be a lot of differences. specifically over cyber espiongae. >> they remain stable and positive. there's a lot of talks on commercial and business corporations and there will be of course discussion on tough issues like cyber security. like trade imbalance. china's economy but we expect these discussions will be held in a manner that is manageable and will not have a detrimental impact on the relations. >> but then we already heard from the u.s. officials from the white house that they're expected to take a very, very tough stance when it comes to the cyber crime issue. to what extent because his standing has been some what weakened given the economic slow down and given the criticism of his handling of the economic crisis and the s

one was a forum by former secretary hank paulson. the tech industry in the u.s. tim cook of apple and jeff bezos of amazon. and the big players were there as were the big leaders of the chinese companies. alibaba and others. the key topic here, john, the u.s. complaining through the commerce secretary, who was also at the meetings, complaining about lack of access and intellectual property rights and pirating and allowing u.s. companies to compete on a level playing field. president xi did hear a lot of this. he did say he wanted to ease restrictions for u.s. companies moving into china. he did say a lot of the right sounding words, but the proof of the pudding is in people looking forward. and remember, at the meeting in washington, there are sanctions on the table from the u.s. to impose against chinese companies who are hacking. >> the tone and some whispering will be interesting to see. andrew stevens, thank you. >> that is a $1 trillion who's who in seattle. you look at the value of the companies. the cream of the crop there. wo

-- i give credit to the administration figures, whether it was tim geithner or whether it was hank paulson or ben bernanke, they have done a terrific job. liz: what is doing the best of all your businesses? does one jump out? jewelry, who knew? >> even though insurance had an increase in auto accidents at geico and particularly in the second quarter, insurance business has been quite good us to over the years and continues to be. liz: well, we can also talk about oil which is horrible, concerning the fact that oil prices have dropped exponentially. burlington northern railroad which gets so much revenue from transporting oil and oil product services, will you expect revenues will be lower this year than last year? >> we're the only railroad that's up on car loadings versus last year. but that's partly because we didn't do so well last year. oil is only 4% of our car loadings. people think it's a lot because there is the publicity attached. we carry 200,000 cars a week, 8,000 cars will be crude oil. 4%. so coal's big, grain's big, go down the line. but burlington northern actually is, it wi

hank paulson organized the summit with him. we have an exclusive interview with him on closing bell. >> the u. s. senate is expected to take the first steps to avoid a shutdown next week. they plan to introduce a short-term spending bill that doesn't contain funding for planned parenthood. although democrats have enough to block that. >> leaving further 90 people injured. islamist militant group bo boko haram is to blame for the attack but no group has come forward to claim responsibility. they have been hit hard by the fall in oil prices and they have been calling for the currency naira to be further devalue yd. the central bank of nigeria is set to meet later on today. let's get perspective on that and other frontier movements. good morning to you. thank you for joining us. it's interesting that the president has also spoken out against the further devaluations of the naira. that in itself is pretty good but at the same time you have to wonder how independent the central bank still is. >> any policy that the central bank has

to be less and it's a less open meeting than what happened here with the meeting organized by hank paulsonle he's in this country, business-wise, it's a love fest. when he goes to washington, d.c. and meets with the president, he's going to get beaten up politically over human rights issues. which really is a microcosm of the u.s. relationship with china right now, isn't it? >> yeah, it's an absolutely great observation. and he's trying to counter that. in this meeting with the ceos just now, he said listen, when disney wanted to open a park in shanghai, there was a debate about whether or not we should let disney do it or we should just do a china-style theme park. he said, i voted for disney because i wanted to diversify culture. so he's trying to counter those criticisms that invariably he's going to face when he gets to washington. >> michelle, thanks very much. >> meantime, we have 12 minutes to go until the markets close. the dow is down about 32 points. the nasdaq did just recently turn positive by about a point. >> just signaled flat close here. >> feels a bit like the markets toda

coming up later today we have an exclusive interview with hank paulson.e is hosting a big meeting with xi jinping, and we'll talk to him ahead of that meeting coming up later on today on cnbc. back to you, guys. >> not a lot of people know that xi engine pings actually spent time in muscatine, iowa. he was a 30-year-old guy trying to learn more about american agriculture. part of a delegation, and they tried to make the home that he slept in somewhat of an attraction, a tourist attraction to demonstrate some of the cooperation that's gone on between the two countries even with all of the troubles now. keeping an eye on the markets. one gainer. one gainer in the nasdaq. adobe is barely flat. awful lot of selling. people not taking any prisoners. >> grub hub taking on the chain. down 6.5%. the number of enterprise names, including western digital. >> let's go to headquarters. the judge and "the half." >> joining us from the floor of the new york stock exchange. princeton securities group for a game plan that looks like this. biowrecks. after candidate clint

president king talking international business at a forum dominated by former treasury secretary hank paulson. at that table, warren buffett, tim cook, jeff bezos, howard schultz, many other big names ceos from major american corporations all attending. what do they want? freelances that question and there is the presidential race, hillary clinton making her position clear on the keystone pipeline. the fbi says it recover depleted e-mails from her private server. we have everything covered, busy hour coming up and we have one hour until the closing bell. i am cheryl cassoni, let's start the countdown. a day, just one day after willing to seattle, not pop culture jokes and promises of reform, chinese president pink gets down to business today. he is meeting of top names in the technology world including apple's tim cook before he is going to head to d.c.. fox business's jo lin kent is here with a lot more color on what this means for us. >> it has been a very busy itinerary on day 2 in seattle, last night he had a welcome dinner where he said he would not be manipulating the currency to boost

. >> and michelle caruso-cabrera will have an interview with hank paulson on the "closing bell."so don't miss it. >>> and shifting gears. pandora soaring to a year-to-date stock high. it ended higher by about 6% but one trader is betting more than $5 million it do drop sharply by the year end. mike has the story. >> twice the put volume when the company got good news on the royalty ruling. but we saw somebody who already has a bearish bet on july 9th they rolled out and bought the january 20th puts paying under 2.70 for 20,000 of those, representing 2 million shares and for those to be profitable the stock needs to drop well more than 15% by the january exploration. but the takeaway for investors, take a look at how high the options premiums are. the stock is implying it will move probably 30%, up or down, between now and january expiration. >> all right. thanks so much, mike ciao. check out the full show of options action on friday at 5:30. >>> coming up on "mad money," cramer has the ceos of rand gold and allergan and the future of mining so don't miss these interviews. and cra

it was organized by hank paulson, former treasury secretary to bring together xi jinping with a lot of those ceos. we got in will to set up camera and equipment, and we were able to take this photo to show you some of the seating arrangements general motors ceo mary barra will be there. warren buffett will be there in. tim cook. the list as much longer than that. we're going to be able to find out what xi swrin ping told them, and we'll you that later in the day. meantime, we've already heard from the chinese president. he made a speech last night in a very big dinner with -- he mentioned the stock market, which, of course, halftime report has been so focused on what's been happening there. xi jinping defended the government's interventions and efforts to prop up the stock market. they said did it to prevent systemic risk. mature economies have done this before, and he didn't site who specifically. then he made this comment. he said that the market had now come to a moment of self-recovery and self-adjustment. it's not clear if that means he thinks that the selling that we have seen re

treasury secretary hank paulson. comes up today on the closing bell. that's at 3:00 p.m. eastern time. are we anywhere near a bottom? go to the floor at the cme for answers coming up. plus, bank of america shareholders voting not to split. the chairman and ceo rolls today. what does that mean for the company and the stock, and for you, the investor. we head there live. we'll talk with stop list mark mayo. first in business world business worldwide. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. it's more than the cloud. it's security - and flexibility. it's where great ideas and vital data are stored. with centurylink you get advanced technology solutions from a trusted it partner. including cloud and hosting services - all backed by an industry le

. >> the thing i see, without the fed and what the fed has done, without hank paulson at treasury in '08, i don't think we would be sitting here today. i think it was necessary. i don't think, i don't think the business leadership was ready to make a move to get commercial paper back in line in 2008. i think underneath this, first you have the whole uber-leverage let's say in the global economy. misdirected fiscal policy not only here but abroad. but when all of this came to crack, once you started fixing it you really needed veritable defibrillator. beyond that you have algorithms in office places. robotics -- trish: okay, fed are they doing more harm than good? >> i said in my last book the princeton economics department should be quarantined like ebola lab. they should not be out running policy i agree with brian on that. trish: they're a bunch of d.c. types and academics. they may have created another problem. i have to take a quick break. more coming up on the markets and selloff. donald trump out swinging today, again. he is on the attack after radio host asked him about series

>> i give president bush, president obama, hank paulson, tim geithner, ben bernanke, for letting it not. they didn't want to take the risk, nor should they have. i think since then -- i won't blame any side here -- we've had a series of things which i think slowed things down. for example, the debt ceiling crisis, government shutdowns, gridlock on taxes, budgets. we didn't finish immigration policy. those things are not good for america and i think -- i can never prove this, i think lad we done all those things including a simpson bowles, chuck schumer and mccain came up with a detailed immigration plan which is moral, right, and good for the country, if we did the trade, if we did those things we'd growing faster. >> so you're blaming washington. the economy, you're saying we would be at 3.5% growth without washington gridlock? >> i'm not going to blame washington because, remember, we elect those people. >> so you blame us? >> all of us. if we want people in washington to collaborate, let's elect people who will collaborate. >> we might be on the verge of another government shutdown.

former ambassador to china, former governor, of course, of washington, as well as henry kissinger, hank paulsone but, again, i think the problem becomes are you hacking our stuff? are you stealing our intellectual property? is that the barrier between president xi and these business people in seattle? >> yeah. if you get an opportunity to put your see you in front of the chinese prime minister, you take it. liz: take it. >> these companies are thinking about their presence in the market, but the reality is the chinese government continues to orchestrate economic espionage against u.s. companies, and that's going to continue to be a major stumbling point in the relationship with the u.s. liz: well, sure. target, home depot, cisco, google,ebay. they've all been hacked. jpmorgan, the list dose on. it'll be very interesting to see. nicholas, thank you so much. we appreciate you being here. >> thank you. liz: he's with the eurasia group. >>> closing bell, we're nine minutes away. as the market debates whether the fed will hike rates next month, fedheads around the nation are saying, yes, we'll do it

had to be completely dispeled tonight when we heard from our friend on the democratic side that hank paulson, the former secretary of the treasury, thinks this is the thing to do. the guy that gave us tarp. the guy that said, when we asked, withle, if you don't know how much -- well, if you don't know how much mortgage-back thed securities are worth, how do you know you need $700 billion? and in our conference call with other republicans, the answer to that question was, and i quote, well, we just needed a really big number. that's the guy that we're told tonight is assuring us that this deal with iran is the way to go. on august 6, 2015, white house press secretary john ernest and a white house press briefing stated, quote, we don't need congress to approve this iran nuclear deal. july 28, 2015, secretary kerry at a hearing before the house committee on foreign affairs stated, the reason why the iran nuclear agreement is not considered a treaty is because it's become physically impossible to pass a treaty through the united states senate anymore, it's become impossible to schedule, it's bec

that guy, former treasury secretary hank paulson. china going to be in focus.this as well. you with catch that exclusive interview at 3:00 p.m. eastern time today right here on cnbc. >>> china certainly being blamed for many of our stock market woes this year. and certainly trying to slow down does matter. but are some overstating china's economic importance? check this out and you can decide for yourself. though we import a lot from china, they aren't the number one or even the number two market that we sell to. in fact, america's biggest export partner by far is canada. as of july, we have shipped $166 billion worth of goods up north and look at this. mexico is our number two export market. so far this year, we have sold $138 billion goods down south. china is in fact only our third biggest export market. currently sitting at about $6 abillion worth of goods sold there this year. keep in mind that is less than half the size of the business that we do just with mexico alone. so why is china having such a big impact on the american market? or should it be? let'

that legislation was adopted with significant input by hank paulson beforehand and then while we wereile we were writing it, ben bernanke and sheila bear bush's fdic share had a major role in this. we had serious problems from irresponsibility and we tried to deal with them. if you have specific improvements you ought to put them forward. if he is going to campaign on that notion i welcome in. >> larry, do you know what some of these specifics would be? >> i don't know all the specifics. i would say barney frank deserves credit, it was a bipartisan bill, there are parts of that bill i would like to change but it was bipartisan. what i gather and i don't know the specifics, first of all, the too big to fail provision has loopholes and i think bush is against too big to fail and wants to close those loopholes. i agree, there are issues here. secondly, the consumer financial protection board or whatever it's called, you know, i think that was done all wrong. it's funded by the federal reserve, not congress. i think that's wrong. that reduces, by the way, the federal oversight from conks.

that is by the former treasury secretary hank paulson.aders from the u.s. and china. that includes people like tim cook of apple, satya nadella from microsoft, howard schultz of starbucks, as well as dennis muilenburg of boeing. but also includes jack ma on alibaba, robin lee, as well as the bank of china, the industrial bank of china's head. capprevious bank by market -- biggest bank by market cap in the world. the president will be here on his trip and have a market cap of $1 trillion. we talk about business, they definitely do mean business. this how different is visit from his previous visit in 2013? it was back in 2013, and politically speaking, he was not president of the time. he was vice president. but economically, china is a very different economic half and is definitely seeing better days. sawhe past summer or so we china's shanghai composite fall about 38% because of their slow down. china has been slowing down in the past year and saws slows pace of growth since 1990. yen has devalued into surprise moves. trying to engage wit

we are different and i will tell you where i saw that. 2007 when hank paulson and the rest were tryingh became a 40 page report. i sat at a bar in new york with a martini next to me and read the entire 40 page report. then we had a 100 page report which became a 400 page report but we cleared the market. so many other societies did not do that. they are still struggling with that. the reason we are at 200,000 jobs and arguing about 2% yield versus 1% yield, we cleared the market did michael: some people would argue that we have not and that's why the fed needs to rates.nterest there is a feeling that equities in particular have gotten an artificial boost from too low interest rates from the buyer of last resort always being there and that has kept us from clearing markets and that is one reason you don't see a lot of corporate investment or demand for loans, cash is floating ripped theit we had band-aid off earlier, we would have cleared the market, that's the other side of the argument. tom: the group of esteemed economists including kenneth rogoff say do not initiate a rate increase

former treasury secretary hank paulson will be moderating that discussion.e's been calling for a treaty between the u.s. and china and that would give a frame work for broader investment in each others economy. >> the only way to have real competition that's going to benefit the chinese economy is to open up to foreign competition so you have the best businesses competing there. so that is the key. that is what the u.s. businesses will be pressing for. >> and we'll have more on the visit in just a few minutes. first corporate news, instagram announcing it now has more than 400 million users. that means that the facebook owned photo sharing app has 100 million more users than twitter. more than 75% of its users, in fact, are outside of the united states. >> let's get a check on the markets this morningful things have been improving slightly with the futures here. you're looking at green arrows when you check out what's been happening with the dow. the nasdaq up by close to 18. take a look at what's been happening in europe and some of the early trading there