. >> i just got off the phone with harry wilson. former member of president obama's auto task force. and he is one person who is out today saying, i should be elected to the general motors board because i represent shareholders. when i talked with harry wilson about his proposal to be elected to the board and have sernl motors buy back $8 million in stock, this is a company that has a lot of shareholder frustration and it's not done a good job. he says by any metric, general motors is undervalued. i asked him about whether or not he thinks general motors is moving too slow in terms of dividends and raising the dividend. he said there's been insufficient speed and clarity of milestones when it comes to repaying shareholders with all the money general motors is holding right now. one last thing. he met with mary barra last week on tuesday the 3rd. he met her at that time to discuss with her his proposal. i asked him if she was surprised. he said, yeah. i do think she was surprised by what i had to say and by my proposal. he also belie

that sums it up there in terms of where harry wilson is coming from. shares of gm fractionally higher today. the bump was yesterday. it will be interesting to see what happens over the next several months as harry wilson makes makes the play for the gm board. >> give me the thing on tesla ahead of the earnings. on thoughts that some heads could roll as a result of these unbelievably awful china numbers. >> there's already been turnover in china. we know that the head of communications over there has left the company. the report yesterday from reuters is that sales in january were just 120 vehicles. now, we don't know if elon musk will talk about that on the conference call today. he will be asked about it. he's already said that the fourth quarter sales slow down was unacceptable, that they're trying to turn it around. china is critical, scott, because it is the largest market in the world, 23 million vehicles sold there last year, to sell only 120 in the month of january if that is true, that's unacceptable. there's no way you can say we're going to r

the delaware courts are trying to weigh in on all of that. >> harry wilson is greek. i know nearly every greek in the city. >> in the meantime when we come back we'll talk about hack attacks and hitting high profile names. how can corporate america get ahead of the pr nightmares. or should we be happy that no real damage was done? at least not yet. this time though before we do that take a look back at this day in history. [ male announcer ] your love for trading never stops. so open an account with schwab. and when a market move affects, say a cloud computing stock you're holding, we can help you decide what to do. with tools that help you see how market activity is affecting your positions. so when the time comes to decide whether to scale in or scale out... you can make your move wherever you are. and start working on your next big idea. ♪ ♪ >>> welcome back. a host of hack attacks in the last 24 hours. newsweek, forbes twitter to name a few. aman has the latest from washington on all the hack attacks. >> good morning. you can add delta to that list. delta airlines

gm shares higher on word that investor harry wilson nominating himself to the board but there is farore juice to that story and kate kelly is here with more. kate? lot of people talking about this one. >> this is definitely a big headline today and a big move by a group of four hedge funds to pull their stake in this company to push for change at the board level. ap louisa, ta canna and hg vora with a combine position of 2.1% are backing harry wilson, former leader of the obama administration's task force and restructuring adviser with his own firm as a candidate for gm's board this season. they're pushing for a share buyback of $8 billion which would be in addition to a quarterly dividend raised to 36 cents per share for the second quarter. the news has sent shares of gm already a popular hedge fund name soaring and some are saying the proposal makes a world of sense with the stock relatively cheap now could be a good time to buy back shares goes the thinking. kyle bass one of the fund managers behind the push has been arguing for balance sheet improvements to gm for years now. gm f

harry wilson a restructuring expert who participated in the restructuring of gm has part of the auto sk force, has nominated himself to be a board member at gm. i spoke to mr. wilson about the reasons behind it and what actually came together here in terms of the four hedge funds he's in effect representing as their representative, if you will, on the board of directors though he'd be representing all shareholders. talked about the company's balance sheet. the fact that with 20 billion to $25 billion in cash it becomes a question as well if you can run this company at break even even if a downturn why do you need that much cash in opportunity costs that are -- come along with that let's call it not underlevered but simply not appropriate balance sheet, showing capital discipline perhaps, he would argue, that they need to buy and of course this is key part of the activists if you will of the hedge funds, returnsome of it to shareholders. this is what he said on the balance sheet. the difference between being conservative and being silly. we're clearfully the silly camp. that was mr. wi

harry wilson when we talked this week he made it clear. if you're general motors with this conservative of a balance sheet and sitting on this much cash, it's not a prudent thing to be doing in terms of corporate governance. that's, at the end of the day, why he wants to be on the board and push them to buy back $8 billion in stock so it'll push that stock higher. >> all right, stay with us phil. bringing in marcus the profit welcome, marcus with us all afternoon. >> for a couple hours. >> delighted. great to see you and look forward to another season of "the profit" you are starting to shoot -- >> toad. >> today. all right, talk about general motors. you're a car guy, own dealerships. what do you think of what's going on at gm? the activist investor critical of what he sees as a too conservative stance on the part of gm? can you blame him? >> he's not run many businesses but he and three other hedge funds own less than 3% of the business. mary's taking the stance shementsshe wants to be conservative with cash 25 billion she wants on the b

so now we have harry wilson re-entering the scene. mr. known as one of president obama's men on the auto task force, helped crush the individual bondholders to the benefit of the uaw. since then the teamsters insisted he join yrc, worldwide's board, to help with their negotiations in restructuring. now he's coming back to gm to spend more of the taxpayer supplied money. coincidentally, uaw still owns about $5 billion worth of gm common shares. i'm betting those are the shares that are going to be purchased at a premium or at the least they can start selling those as this is run up. hedge funds benefit, mr. wilson benefits uaw benefits. it looks like a big pump and dump. >> that's certainly one view. kevin o'leary, what's your take and are you shareholder? >> no i'm not. i would never buy gm shares because i actually think something very unholy occurred in the restructuring of gm. instead of letting the natural darwinian forces of the market actually take these assets, completely cleanse them through bankruptcy, the way it should have occur

. >> harry wilson -- >> what do you make of that?t do you make of the move the hedge funds getting together, harry wilson, wants to put himself on the board as a representative of certain amount of hedge funds? >> he knows the business and understands the dynamics because he has a proven record and understands the picture of how to make money. the other side of the coins the question everyone is asking me, company a is objecting to someone coming on the board paid by a third party. who's fiduciary obviousligation he have? the shareholders or third party paying him and i'm not knocking them, i'm just making an observation, carlisle, black rock and those guys in the private equity when they take a company public three or four guys being paid as well as being paid as directors. so yeah, there's a creative tension there. as long as it's fully disclosed, as long as everybody knows what they're doing and as long as the company is not doing it to exclude somebody from coming on the board then i can live with that. >> should they be returnin

that's what is interesting to harry wilson. who is harry wilson? you might know him if you are familiar with the auto sector because he is one of the president obama's auto task force members, and when he was doing that he was actively involved in the restructuring of general motors. well now he is representing four investment groups, and today he announced that he is going to be nominating himself to join the gm board. he is representing four investor groups, including three hedge funds. what do they want? $8 billion to be spent by general motors buying back stocks. certainly that would give the stock a boost and has been today. for gm ceo mary barra this represents the latest issue she has to deal with after a year of wrestling with the recall crisis and all of the problems that were involved there. for general motors liquidity stands like this. they've got $25.2 billion in cash, in securities on hand. another $12 billion brings total liquidity up to $37.2 billion. all of that money has activist investors saying you know what we want a little bit

now there is harry wilson here. >> g.m. is an interesting case because the company went bankrupt.rsonnel go bankrupt when you start to do better, your natural inclination is to save money and not go down the same road. you need outside forces to say now is the time and your balance sheets is strong enough that you can return money to shareholders. >> there is an excess capital of $10 billion. they still have no idea how many claims will be processed and what that is actually worth. they said like $600 million were set aside on the upside. >> what better time than now when it seems -- >> buy an suv just because gas prices are lower? i don't get it? what if they are not lower in five years or two months? >> there are a lot of short-term players here in the u.s. we love our big cars. ok? >> ok. >> it is available now. >> i am with you. >> much more ahead. it has been one year since comcast announced its buyout. now the deal seems on hold and on thin ice. stay "in the loop"." ♪ >> we continue our countdown to the opening bell and we are halfway through. it is time for our deep dive wi

harry wilson who was a member of president obama's auto task force, intimately familiar with the workingsgeneral motors. he today said he wants to be elected to the gm board of directors. he's planning to nominate himself. he is representing four investor groups including three hedge funds. what do they want? they want general motors to buyback $8 billion in company stock. clearly, if that were to happen it would give a big boost for the gm shares which, frankly, have been stuck between $33 and $36 a share. general motors is sitting on a mound of cash right now. $25.2 billion in cash and securities, a total liquidity of $37.2 billion for mary barra and her executives. that's what they're working with. they have said they plan to increase the dividend by 20% once it's approved by the board of directors. in response to harry wilson saying free up this cash and let's elect new members to the board of directors, gm said the board and management have demonstrated their ongoing commitment to return value to shareholders through a series of previous actions, cluck the repurchase of $5.5 billion

there's a statement out saying that harry wilson who you may remember is from mave advisers now, buting gm around. he's now nominating himself as a candidate to stand for election on the gm board. he says he's acting on his own behalf but also with four investment funds. the stock's up about 3%. what do you think? >> you know -- >> go back to the point, right? >> she's doing a good job. brought in feinberg. i defer to andrew. i'm throwing that hot potato right to andrew. >> and i'm going to throw it right back. we've got to go to a commercial break. >> i think she's doing a good job. >> we've got to check it out. jim, happy birthday my friend. >> thank you guys. >> have a great day. >>> all right. let's talk teen retail now with jan rogers of worldwide enterprises intergalactic. are you there? >> i am here. i'm sad i couldn't be there on that great new set. >> it's all right. you can talk to us via bluetooth headset. >> you guessed it. >> are you surprised by gap or the strength of aeropostale and urban outfitters? >> i think i was most pleased with what urban turned in. though i do

. ♪ >>> general motors harry wilson who helped restructure gm as part of the government's auto industryk force is now seeking a spot on the board of directors of the company. the gm saying it's received a notice from wilson indicating he would nominate himself as a candidate for the board at its 2015 meeting. gm says wilson is acting with the backing of kyle bassett eamon, hg aurora. and welterconnicks. those shareholders represent 1.2%. shares looking up here. wilson's kind of become a board member for hire, if you will. lobe has used him for a while when he was on yahoo!. on the sotheby's board. again a loeb action there. wilson ran for public office in the state of new york. he is known as a restructuring guy. my friend carl bassett has made no secret of the fact that he wants to see gm use much of its cash for a buyback, as much as $8 trillion in the near term. i will say something is interesting as a quick background on this. wilson apparently approached the company on february 3rd. and said i want to talk to you. they said okay let's talk. he wouldn't tell them who is in his group

i wondered allowed if harry wilson, the man widely accredited with helping save gm through its massive exemption isn't too optimistic for trying to aggressively expand the buyback. however, the simple fact is wilson's got a point here. gm is about $37 billion in liquidity, mostly cash and credit, and it can afford to do a huge offer above the market price, bringing in a monster amount of stock in a move that will be incredible for shareholders, like my childhood trust. i'm warming up to this idea. because wilson doesn't want mary barra to go which would be wrong. he simply wants to changestructure. barra should consider this option. it's worked for some of the smartest executives out there, including harry singleton, with the buybacks. it can work for general motors, too. it's a much better use of cash than say how about building up a car financing business. that could be deadly in a downturn. let me give you my bottom line. it's time to recognize that tim cook is babe ruth. and that barra should take a bow for her performance and buy back gm's stock like a banshee. why don't we go to

stephanie: do you have a view harry wilson's name has been in the news, kyle bash, trying to get. to push gm in terms of share buybacks -- you have a view on this? bill: i have met harry, i think he's very capable. he knows a lot about gm. i am not a big -- i do not like it these is predicated on capital returns. my us some sin is harry has more up his sleeve than returning capital to shareholders -- i assume kerry has much more up his sleeve. stephanie: maybe coke and pepsi, you note we had to hit herbalife. you can see that entire interview on bloomberg.com. i will sign off for market makers but i am not going anywhere. i will be spending the entire day here at the waldorf-astoria nba all-star weekend, not just about the boys on the court. i am here at the tech summit, a lot more to cover throughout the day. i will be signing off for the day and he week for "market makers" and i will see you next week. i will see you later this afternoon. thank you for watching. ♪ scarlet: bloomberg television is on the markets. let's show you where things stand. u.s. stocks shrugging off a dip

. >> may i ask you quickly about harry wilson? >> very interesting. this is the enemy within.elped go through the bankruptcy restructuring, so he kind of knows where the words are. but i think mary, as we were talking earlier, she has done a phenomenal job and set the bar on quality. i think she will do a great job. >> citigroup is just hugely optimistic on gm. >> time now to answer the twitter question of the day. we asked you -- should europe forgive greece's debt? the overwhelming response on twitter the majority i thought essentially saying no. and this, our first intercom i know the former greek government made a deal, contract that should be sued by. the second comment, -- that should be stood by. the second comment, the idea was greeks will become as productive as germans. forget or let go. it does feel increasingly like the germans are being punitive. >> it does, and also, part of it is accepting reality. you have to fight going on in europe for someone is, what is right? did greet mess up? absolutely -- it did greece mess up? absolutely. did germany mess up sending so

harry wilson says the auto maker hasn't done a good job delivering for shareholders.obama's task force that saw the bailout in 2009. he says gm is undervalued. earlier on tuesday gm disclosed a letter from wilson that says he plans to nominate himself to the board and push the company to buy back $8 billion in stock. they have been too low to make changes for products. he has teamed up with david tepper who together earn 2.1% stake. he stoke with mary bara last week about his plans and he says he doesn't think he was aware of the level of shareholder frustration. gm has plans to raise it's dividend by 20% which the board still needs to approve. gm has about $25 billion in cash. >> tesla ceo is threatening to fire overseas executives as weak sales in china cast down on his global expansion plans. he sold 120 cars in china last month well below the targets. he expects sales in china to rival those in u.s. two top china managers left tesla last year and more could lose their jobs. tesla reports fourth quarter and full year results today. investors will be focussing on de

. >> gm investor harry wilson is proposing the auto maker buy back 8 billion.ld hurt the current rating which is one notch above the junk gm. so far just below flat. now as we go to break let's remind you of our headlines. germany's dx dax reaches new highs. fighting continues in eastern ukraine but moscow insists all parts of the deal will be implemented. it's a mixed bag for mobile video game makers. king digital beats expectations. >> coming up it's tee off time. we'll head to pebble beach and check in with joe kernen and becky quick live from the clubhouse. that's coming up. >>> all right. the at&t national pro am teed off yesterday in pebble beach california and joe kernen shot a 69 to leave him 3 under for the tournament. he is paired with pro vaughn taylor for the event held every year to raise money for charity. joining us is joe himself. joe, you're a big golfer. how has your game been holding up? you know i decided just to say really good instead of trying to go into the whole saga seema. i need you as i think my pr spokesman. so joe shot a 69. that s

. >> we discussed it initially, talking about harry wilson this candidate potentially for gm's board.ncentive fee structure associated with the candidacy is -- 4% of the 34 -- of the appreciation in 34 million shares, that's a lot. >> yeah it is. >> that's a lot. a lot more than any other directors are getting at gm. >> i think that's a fatal flaw. but frank rosens has to be listened. it's not his style. very good guy. >> medtronic close to an all-time high, up 2%. dollar one is a beat by 4 cents, last quarter before the acquisition of covidien. cardiac and vascular pretty good? >> a lot of momentum. in favor of edwards life sciences, they've got device to -- that doesn't require cracking of the chest cavity. 50 60 70 80-year-old people can have that from edwards. medtronics the merger makes it let dependent on the heart. very smart. >> you do? >> yeah. >> 3,000 employees. >> medtronic. and health care stocks terrific. medtronic is one of them. >> keep our eye on that. obviously, did you talk macy's at the wall? >> we did. >> barclays underweight. >> the tough thing about macy's becau

harry wilson's efforts to get him a board seat and buy back shares and the marcato's request to sotheby's buy back its stock. the most popular proposal will be allowing certain shareholders, rather than just a company, to nominate directors. a number of public pension funds including new york city submitting these proposals. comptroller scott stringer finding them at 75 firms asking that a group of shareholders owning 3% of the company's stob that they've held for three years, be allowed to nominate up to a quarter of the directors to the board. stringer said the desire for proxy access is being driven by hair shoulder concerns about three issues where are. >> we're concerned about energy companies that are not focussing on climate change. we're very concerned about ceo compensation, excess ceo compensation. we're also very concerned about corporate board diversity. >> now, the last issue that is focused this year is board refreshment. mostly behind the scenes movement by investors to get firms to replace long serving directors who some feel are no longer independent, and this also allows

they oh door roosevelt, wilson -- >> harry truman, c. >> that is correct. and that is it for that round. >> good job! [ cheers and applause ] >> erin and john in the lead. 100 points. chris and done a close third with 20 points. >> it's early. >> in this game anything can happen, particularly in the next round. the point value doubles in the next round. the speed round. the players go head-to-head. stay tuned. [ cheers and applause ] my tempur-pedic made me fall in love with mornings again. i love how it conforms to my body. with tempur-pedic the whole bed is comfortable. it's the best thing we ever did for ourselves. it's helping to keep us young. (vo) visit your local retailer and feel the tempur-pedic difference for yourself. i am totally blind. and sometimes i struggle to sleep at night, and stay awake during the day. this is called non-24. learn more by calling 844-824-2424. or visit your24info.com. dad: he's our broker. he helps looks after all our money. kid: do you pay him? dad: of course. kid: how much? dad: i don't know exactly. kid: what if you'r

they woodrow roosevelt, wilson -- >> harry truman, c. >> that is correct. and that is it for that round. >> good job! [ cheers and applause ] >> erin and john in the lead. 100 points. chris and don a close third with 20 points. >> it's early. >> in this game anything can happen, particularly in the next round. when we come back, the point value doubles in the next round. the speed round. the players go head-to-head. stay tuned. [ cheers and applause ] [rob] so we've had a tempur-pedic for awhile, but now that we have the adjustable base, it's even better. [evie] i go up...heeeeyyy... [alex] when i put my feet up on this bed, my stress just goes away. [announcer] visit your local retailer and discover how tempur-pedic can move you. dad: yeah, 20 something years now. thinking about what you want to do with your money? daughter: looking at options. what do you guys pay in fees? dad: i don't know exactly. daughter: if you're not happy do they have to pay you back? dad: it doesn't really work that way. daughter: you sure? vo: are you asking enough questions abou

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thomas allen harris explores how african-americans have been portrayed in photographic images from slavery until today. >> the film is based on the work of debra wilson. but i was also very much aware that there was a kind of other narrative that was going on as well. in which black people were constructed post slavery and before the end of slavery. it was part of the marketing of photographs and memorabilia and stereotypes that now would be considered declassee but now it is the way we may see ourselves or others. >> that is sunday night on c-span's q and a. >>> now initial -- at the start of the hearing the committee approves president obama's defense secretary nominee ashton carter. the whole senate voted 93-5. >>> good morning since quorum is now present i ask the committee to consider the nomination of dr. ashton b. carter to be secretary of defense. and if a roll call is requested we would be glad to have a roll call. if not, there is a motion -- is there anyone that would like a roll call vote? >> yeah. >> yeah, i don't know if we need it. >> we don't need it. >> mr. chairman, i would like to be recorded as voting -- >> the clerk will call the