and he is a is is is a is is is is is is should you sell in her beat estimates.asile, appointed a new ceo. caroline hyde joins us with the details. so, nokia. we have a new ceo. kind of the old ceo, but new ceo. >> he was artie head of nokia networks. he's going to become the leader of the entire business. why did you take them seven months to choose him? nokia been heading networks for four years. here's been in the business from is 20. he is ingrained. he knows the business. he says this is just nokia networks, this is also potter maxx business and technology. he's trying to spin it to be sexier. he might not to smart phones anymore, but they still will be integral to the data we're getting from her smartphones. it is about equipment and base .tations and antenna he trying to hammer what is therefore to grow the business. revenues have been down. the market cap in the year 2000 was 300 billion euros. he's planning to return money to shareholders. >> is going to hand back 3 billion euros. eurose getting 3 billion back to investors. 2 billion euros to try to cut

anna is away. our bloomberg reporters are standing by across the world and are ready to deliver the stories that will drive the your day. -- drive the day. caroline hyde has details on the offer for a majority stake in united spirits. the biggest maker of cancer drugs. the company says that grows sale is coming in at 11.5 billion. that is in line with expectations. the sales in the diagnostic division are two point or six billion -- 2.46 billion. they said that revenue will rise to a low to mid single-digit percentage and they projected that earnings will increase at a faster pace than sales. this is a company that is benefiting from news of regulators that have approved other breast cancer treatments that could benefit the prospects for the biggest cancer medicines. it is the biggest maker of cancer medicine and, the company expects to further increase dividends, as well. from the ukraine. the ministers agreed to have new facingn a list of people sanctions. they declined to go any further. david t

the downside is fairly large, where is the upside is cap. >> that is true.s like it is very exposed. around 15% below the current stock price. at the same time, the reason why i want to sell that 47 stock but it's because i know the company is going to be there supporting my stock. >> you are not looking for a large reaction and earnings. >> that is right. it is a reasonably tight call spread. >> thank you so much. we are on the markets once again in 30 minutes. "lunch money" is up next. ♪ welcome to "lunch money" where we tie together the best stories, interviews, and news.ss in motors, the new gm. the barra drives away from past on capitol hill. one eye patch per child. l.a. school district taking education to the new digital age. strike, lufthansa pilots walk a picket line. says it is all or nothing for arielle, t

how good is yahoo!'s is this without alibaba? >> the business is struggling. it is up fractionally. would say, how good is the stock? that is a whole different story. you have half the value these and alibaba. when you look at the move in the aftermarket, three quarters of that move is based on alibaba results. >> how is alibaba positioning it tell in the chinese market? there's so much more going on that we need to understand. they are making acquisitions and big investments. how much of this is moving toward a single unified strategy going forward? how much of this is responding to competitive dynamics? >> that is a great question. most13, alibaba was the dominant e-commerce player. that its platform was able to corner the market in the mobile device sector. what has happened is that they have a -- they have bought a 20% a. they are buying stakes in a variety of companies. there is a lot of heat on them. a lot of people are thinking that the $.10 platform will do a lot better. you will see a lot of consolidation with $.10 and alibaba. they are making it one of acquisitions. that i

like street is also busy -- next week is also busy. what is coming out? tap will make $3 million on this. we will see his large. we will see how he is done in terms of convincing investors that this boutique investment banking model is here to stay. tap thehave on parent of travelocity. our travel segments are not going to end anytime soon. >> when you look at the pace of ipos right now, it is actually pretty dramatic. we are at a level that we do not next week last -- by we should surpass in volume what we had in an entire year of 2013. is this an example of sort of the market catching up to the 30%? our company saying that i have to get out now? >> they say the window is opened it and it is wide open right now. the reason your things into big push for deals now is just a calendar issue. companies want to get out before easter, so that they can do it refer everybody goes on holiday. incrediblen in amount of activity, that was partially a byproduct of how well the deals performed last year. fisher, we're seeing that any backlog of companies that don't go

the evaluation of music is, you know, it is there. it is evident.taking matters back into our own hands and decided we change music. let's not let the market decide. let's make that decision ourselves. that's what we did. >> tarik, some of the figures, i know you don't want to talk about money. this could go for $5 million to $7 million. would you want it to be released to the public? let's say i'm a lucky and weggeti individual and get to -- wealthy individual and i get to buy this album and i have one copy with all the rights to it. would you rather me sell it or not sell it but put it out there or keep it for me as a secret? >> i hope it will never be commercialized. i hope it maintains itself as an art piece. >> how do you justify that to the fans? >> why do we have to justify it to the fans? this is not for the fans, really. this is for the greater good. for the benefit of music. the current model is unsustainable. this is a sacrifice. we knew that from the minute we took this idea on. the minute we brought this idea to the table, we knew this

what is their take? >> their take is that lafarge is born down with debt.olcim has some huge capital expenditure. they need to get together and get more efficient. they need to move together to actually improve the situation. my understanding is there are a couple of billionaires on the stock holdings of both companies. both stocks reacting nicely today. in terms of market reaction, you have the egyptian billionaire on the lafarge a roster of holdings. thomas schmidt hiding on holcim's roster, they are the people. it is about improving the debt load for lafarge and the capital expenditure, the ability of holcim to commit on that. it is a game changer, my sources say. it is coming five years older -- earlier than perhaps some anticipated. this is bringing the cement injures -- industry up to shape. >> will the deal face tough opposition globally? regulators always get mixed up in these things. >> holcim and lafarge are already under investigation for price fixing issues. you are looking at some colossal challenges. mostly in europe. that is where we are hear

valentino tells us that is where the money is. it is the business that makes more money. >> quite a tan. a lufthansa is bracing for three day pilot strike kicking off today that will see canceled a vast majority of flights. >> the airline is calling it the most severe in its history. david tweed joins us from frankfurt. talk us through the disruption. destruction taking place on two levels. one is the level of the operations. 3800 flights are going to be canceled over the next three days. that includes cargo as well. wings,so includes german a subsidiary here in germany. as you mentioned, 425,000 passengers have seen that their travel has been disrupted. that is the operational side. the other side is what it is going to do to the bottom line of lufthansa. lufthansa earlier today confirmed that the cost is going to be somewhere between 40 million euros and 50 million euros. they can't come up with a precise idea until the strike has ended but that is going to make it difficult for them to achieve their operating profit euros for2.

it is a space that is neither a black box nor -- it is not a neutral space. it is not escapist. a space to be present and to think about what you're looking at, how you are looking at it, how you are saying and how we relate to what we see and what -- all those associations. >> it is truly a combination. it makes you rethink where you are. >> there is that window from the outside. the room almost looks like a box camera. the window actually juts out from the building and is canted to the northwest across the grid of the city. i feel like his architecture is so specific and maybe this ties back to some of the things we were talking about with what this biennial means in this building. it is not just that for many of us, i grew up in the city and i love that building. it is a place i learned about art. broyer brought a set of modernist ideals into that building. he wrote beautifully about why he designed it the way he did, he -- how he oriented it toward avenue, the majesty and seriousness of the building, the height of this distinct concrete gridded ceiling. and it is a building

is it legal? here is how it works. farms.ve created antenna these work like the rabbit ears you use to attach to your television at home. they receive a free over the air signal. they take that signal and re-sends it to subscribers via the internet. you can watch live tv on your computer and smartphone. puto will even let you shows on the cloud. here is where it gets sticky. before aereo there were three ways to watch broadcast television. company. pay a cable you could pay a salary company -- satellite company. you could use an antenna and watch it for free. you know how much area pays broadcast networks? zilch. they argue that they are just pulling down a free signal that anybody can get with their own antenna. the fact that the antennas are in a warehouse should not matter. the broadcasters say this is bunk and they are no different than a cable company. .hey sued area of -- aereo the lawsuit hangs on one thing. if this is a public performance, aereo is infringing because they have not paid for the program like cabl

when he is not superman he is a super man. it is dean cain and she in a new vh1 show "hit the floor" which i would like to do with him premiering may 26th. it is with that beard. and we tried to book only his mustache, but the stache said they were a package c deal. it is john bolten, former u.s. ambassador to the u.n and fox news contributor. he is also the president of "red eye." >> a block. the lede. that's the first story. when you go to the movies do they give you senior and children discounts, greg? >> well, all right. are we going to be that way all show? talking smack about barak drove clooney looney. it is not a good idea to have steve wynn on the left and george clooney from "facts of life" at the same party. i learned that when we were all hot tubing, but apparently they had forgotten. the two were together in a vegas restaurant. they have them there. clooney suddenly stormed out. the movie star explained "i said the president was my long-time friend. and he said your friend is a [bleep] and i told steve he was a [b

is 31%. that is total taxes minus benefits. at the oecd is 36%. already lower, why do they need to go lower? >> because we need to grow faster rather than slower, because close to where europe is is not where we want to be. we started this country with an .verage tax rate of two percent we decided we couldn't stand it anymore and the guns came out brutal the british to go away. there's been some backsliding since then. >> chris grisanti, what are your thoughts on tax policy? >> is there any deal which you would agree to, even if you got all your wish list that would raise taxes. >> grover norquist, can you come to a deal with democrats? >> of course. not a dollar in tax increase. the president swallowed it and the economy has done better. deficits have come down because spending has come down. we have had real spending restraints for the first time in a long time. by keeping spending down, the sequester last 10 years now. we don't have to do anything heroic in order to force to mystic discretionary spending to live within its means. >> stay tuned

the truth is, this is sensational. it is really rare. was a big cut out show was in the late 70's. there was a catalog that accompanied it, and most of the images were black-and-white. what the tease, that is ridiculous. he is all about color. they have brought new cutouts. is a bigm that, this and on behalf of the tate his curating team. a gorgeous exhibition. >> talk us through the cutout phase that came at the end of his life. a second life. >> this is how he referred to his final decade. he was a painter and a scope door. -- sculptor. he was known primarily for his oils. he became very ill treat he had a life -- very ill. he found it difficult to stand and paint. devised, in his own studio, even sometimes in his bedroom, a system where he could continue to make art. he started cutting out pieces of paper which had been colored. he penned at them to a board. to begin with, it was experimental. over the course of the next decade, up to his death in 1954, he left painting behind. he loved this do experimental medium. medium.xperimental

is he just said, the nsa is so complicated it is hard to explain. not everyone is as conscientious on reporting these stories. a lot of people take the stories and run as quickly as they can to the darkest corner of the room. let's put that aside. let's just say that we can reduce all the stories that are out there to hard-core facts, that we have pulled a hyperbole and the misrepresentation out, and we can get it done. i'm not even going to argue about that's not what we're are doing. let's assume we can all get it there. you realize you're coming in late in the third real of a complex movieof a and you are looking at the third reel. i'm assuming we have all the chaff out of the way. you're looking at the third reel and making the decision, i know the butler did it. and you really cannot make that decision until you walk back to the first reel, and where did these things come from? why were they developed? this requires a lot more time, but i'll try to be very efficient about this. i became director of nsa in 1999. we were being overwhelmed by the

nothing is fixed. nothing is changed. we will not see less money and we will not see much more disclosure unless the bill that we support is enacted. do you believe that the so-called super packs will be less likely to raise as much money as they did in past elections? guest: they can take corporate money. this decision applies to what an individual can give out of their own pocket. it does not apply or change the prohibition against corporate moneys giving directly to candidates. if corporations want to influence elections, they will give through super pac or secret nonprofits. this is just about the individual donor. what did the loss restrict before and what this decision do to them? cap forhere is a $2600 canada. that remains in place. there were also over all caps that individuals could give to candidates. it was roughly $120,000 cap that an individual could give overall to the parties and the candidates. that cap is now gone. s whoave to think of it a can really give $120,000 or more. we are talking about individual

the reality is this is far oversimplified.house, and we should have a more honest con verstation. >> midterms on the way. it certainly sounds good. >> this is an economic issue, it is not a political issue. whether it is 3.5%, four percent or whatever the disparity is, if it is based on gender, it should not be. it should be eliminated from the economy. it is that simple. in terms of the data, as you know, president obama is going to be signing an executive order tomorrow with regard to federal contractors and disclosure of salary data. i think that is a good thing, and it will add more information, more factual information into the debate. more transparency on pay practices. we want reader transparency, so hopefully federal contractors will imply with that. >> big brother really is watching, even more. while there is a big push for equal pay in the workplace, more men and women are staying at home. the share of mothers who do not work outside the home rose to 29% in 2012 according to a new research study up from a modern era

this is where the temporary data is held. one of the things to understand is this is arbitrary. i can't pick what sort of information i am getting. it is just handing me random data. that is where it gets good and bad. it could be from any program running on that server, but i can't pick and choose. >> so, jordan, what should we do? should we change our passwords now? how do we know if our information was compromised? >> from this point, it is probably wise to change your password. the interesting part is it is probably less to protect yourself against criminal hackers. we don't have evidence of a new how to do this. it is more to protect yourself against intelligence services. this is been around for two years. the likelihood that intelligence services did not know about this is probably low. it is good internet hygiene to change your passwords. if you know that a site is fixed the bug. you might want to wait until they fix it, otherwise you're still disclosing it semipublic way. it is always good practice to change your passwords. >> that was bloomberg news jordan robertson. s

it is amazing and it is taking off. >> what about product? >> is great product. an artist at heart. he thinks abstractly about product. maybe that is where the confusion lies. when he first describes square to me and i invested in it, which i'm glad about that, he talked about -- really? payments? are a form of social interaction. we do it every single day. we look at another person in the eye and we give them money. it is a social transaction. i saw the light. -- taking thatat thing we have been doing for anturies and making it into beautiful experience. it is a beautiful product. you have your own story about the downing of twitter. >> i lived it. it is what i saw. jobsing food done a great of making relationships of everyone, deep relationships. one of the problems he saw early cofounders did not talk enough. are they better now? >> i meet with them all the time. they have kids now. we get together to play. jack and i meet socially. i forced them to communicate. i had a working party recently and they both had to come. >> you are the globe. >> they are so simi

but that is not helpful, that is a motion.disagreement about whether the solution to our problems is less government or more government. and it is a big fight we have been handing and need to continue until we have a winner. and then we will see who is right. to be done to change the branding as far as the financial industry goes, get rid of this selfish fatcat came in the system. that is not what they were called all along. i do not think we have change the prescription of how finance operates, but the brand -- >> the first thing we do issued michael lewis. that was a joke. oot michael lewis. that was a joke. we are talking about this issue of demonized people. finance always is demonized. yet, we seem to need it desperately. it seems to be important to capitalism. the idea that you can finance companies, that entrepreneurs can sell their company to the public. the idea that companies can merge and haven't been a growing economy. we cannot do this without wall street. that is not saying that it does not get out of control at

one is it is wrong. two, it doesn't appeal to people who are facing real economic paper in recession. another one of the bronxes that conservatively puts out -- bronxes that conservatism puts out is you don't want to give too many programs, because while they create a safety net, it slows growth. if we are in a risky economic session, that trade-off of more security for less growth can lookt appealing, especially if would growth we do get is occurring at the top. what can conservatives say about the new policy? i think it is a very difficult policy question but one that needs to be addressed. >> instead of rising tide the g growth, what about de-coupling risks? >> because our mental model is wrong, we gravitate to the long solutions. when we think about globalization, we tend to think of a mental model in which we see jobs sucked from the united states to china or something along those lines. you see companies that are kind of competing in this more vigorous way, when in fact, the division of labor is no

>> it is clear he is going forward with $10.10. see is the number you states like connecticut passed, that you see some employers to organize their efforts around. .hat is our focus here is >> minimum wage has been such a heavy focus. why isn't this something he pushed in the first term when he had the majority that could have passed it? >> the minimum wage was raised 2009, 2010.er 2008, i may be off by a year. it was going up. focused on turning the economy around. the economy was hemorrhaging jobs in the beginning of 2009 and getting that recovery back on track. now the recovery is proceeding well. we are not all the way there. we're getting closer. his focus has been even more on wages and income. he talked about minimum wage. he pushed the issue forward last year. he has intensified it this year. it is an effort to persuade congress, state, localities, employers and the country's largest employer is doing that with the contractors. iteven in those years when was going up, the median income was going down. do that need to be goi

class that is insane. class of is like a spaceship here there is no sound. i am super impressed with the pickup example. i want one. class then it was back to the store to configure my dream tesla. class you wanted to max out yours. you have a button for that. everything included. class it cost just short of $130,000. it is a little out of my budget but next time i get a raise, i will be back. >> takes is about two or three months to custom build a car. most people design it in the store and then go to a service center. what is nice is we have folks blocking it through the car, how to clean it. i think you hate owing to the mall, you can even use paypal to pay for it. account.s a big paypal matt miller joining me for the hour. thank you. did you see anybody buying a tesla? class i saw people milling around, i saw people talking to the sales staff, but i did not see anyone plunking down 100 grand on the spot. you might not see someone doing that because you can do it on the internet. paypal, you can use at least for bitcoin, you could definitely use. we know

--they are is that there is that.g happening in washington between companies and lawmakers is generally trying to curry favor in one way or another. it is kind of a fun way to do it. -- a meeting up greet. lawmakers get to have a good time with it. they walked four or five blocks to do this. for toyota's purposes, should there be regulatory issues, should they decide to take it to the u.s. market, you have a couple of lawmakers who have seen it, like the technology. toyota fromway is bringing this stateside? >> they are not saying whether they are or are not. they have a project going on in tokyo where they have people testing the car on roads. france is next in the next month or two. when i talked to toyota executives, toyota lobbyists, and they are interested in .eeing what they could do here they need to figure out where they would put it. is this a city model with a car share? maybe a college campus. in that looking direction. >> we are showing you in it. did you have any balance issues? >> everything happens from

of the fading is it is not off limits to use civil agency is. they can subpoena the person who created the document they just can subpoena us third party service provider. that would be criminal but they would be able to go. but those from the personal e-mail they could send of preservation order to the providers ibm using they will hold that information so they could send the data what the service providers have. they could do though order to compel where they think i have not shared that information were go through other court proceedings are be held in contempt of court. for investigative agencies you get the information if i don't comply it just takes more work if they could just subpoena the third party. to go back, the fact is the government already has your information if i get to the privilege or protection it is already out there. that i have not been able to sort through first. you think nobody is looking. but they still have the ability to have looked at it. it needs to be protected. somebody could have already seen your private stuff

it is free to the community. it is online.ourse is a five-week program with a six-month follow-up with coaches, coaching with me. it is pretty extensive. but i developed a program i actually take people through that really allows them to go through what is one of the most traumatic experiences those people can go through in a very becaused cohesive way, brain chemistry has been shown to be the same for someone going through a breakup as it is for someone towing through the death of a loved one. a bad breakup can be a near death experience or a bad car accident. >> it can certainly create anxiety and stress and lead to all of the things you are working to prevent. >> it is minimizing the trauma. you have to admit -- there is still trauma, still damage to the children to some extent. >> and it is very expensive. this could be a way to control some of the cost. >> conscious uncoupling is not a minimizing. it is actually taking it quite seriously. this is one of the most traumatic things to people can ever go through. and we talk

one is that the left is a party of democracy and the other is a diversity. in the first story, the idea is that when you are contacting a republic, they a are similar entities. their legal, institutional entities that own themselves and have their own cultures". -- own cultures and codes. have one that succeeds and other corporations mimic that corporation until a newer more successful model emerges. the appeal of democracy to the left is we have true egalitarian function making and organization that leads to a different type of decision making. that's an attractive story to tell. the story you could tell going how we make different decisions. it's actually a good thing to have the trial and error process. ,ou cannot just say what works determine what works through a randomized controlled trial and then distribute that to all of society. the question is what works where. that i haveory become more and more concerned the leftthe idea that is very concerned about the . butibution of resources there are growing populations that are marginalized from the pieces

here is the story. this is not a happy story. this is not like -- do not think of this has the run-up to the punch line to a joke. i will try to work some and later, but this is not the happy part of the talk i'm afraid. on the morning of that urey 28, 2010, the villagers of that the gun that district or in church. they heard the sound of gunfire outside, and they came out and found that men with guns were burning down their homes and torching their crops, shooting their livestock, and keeping them at gunpoint from rescuing their burning homes, and in the men with guns marched them away at gunpoint. 20,000 farmers lost their land. this happens in the guise of a world bank forestry project. the world bank forestry project was designed as a technical solution to income. obviously it did not work out as intended. a couple of additional things that -- this is obviously an extreme story, or story, and i couple of things are somewhat revealing of what this book calls the forgotten rights of the poor. the poor are so often neglected, ig

that is what they are doing. that is why it is counterproductive for the u.s.ou have companies like microsoft with $80 billion overseas. they can invest overseas and they will. if it costs 35% to come back to the u.s. it is not a sensible thing for the u.s. to encourage that. we encourage these companies to invest overseas. what we need, as hank says, is an intermediate rate. if you look around europe, the tax rates have fallen. the marginal rate is 17% or 18%. that would be a reasonable rate. if the company has paid in france or u.k., 17% or more -- if it is in a tax haven, it has to pay the difference. 17 minus 0 is 17. that is an intermediate rate that people could live with. >> watch "taxing america" all day. it is all good until you get that 1099 form. coming up, what does the nasdaq ceo have to say about michael lewis's claim that the stock market is rigged? and we will take you inside the luxury golf retreat that wall streeters are retreating to. and it is marathon weekend. there was a course record on the london marathon. and in korea, the pyongyang mar

what is ironic is that not everybody is on board.ing party, , wererty, in their words shocked, kept totally in the dark, and feel sold out. they didn't know and were left out. surprisingly, it is the opposition that said, good job. he will need the support of his party to get things through. again, it is politics. it is very complex. as far as business is concerned, we have a statement coming from the chairman of one of the biggest factories in china -- he wisdom admires wang's and sympathizes with the students. we haven't heard from mainland china. >> that's pretty significant for foxconn to really take sides here. >> from a business perspective, all they want is continuity, get uncertainty out of the way. for any business, that is the number one concern. >> he's also got huge interest in china, as well. >> yeah, that is a key thing to note, as well. >> russian stocks are on the rebound. that is not so good for short sellers as they flee in droves. it is largely because president putin said he will not expand in the ukraine beyond c

it is the fire wall is critical.urnalism is critical and that which is commentary needs to be carefully. good journalism i thought we should act with confidence about often ble sense and we act as if we are not confident. the first confidence is the definitely on our side, not on the other side so interesting in putting out accuracy even go it moment look bad that because in the long term the truth is more important and works to our benefit. second is that i definitely the solution to bad information is in almost every information. it is bringing -- it is having good information. reason that has been broadcasting et did so badly is there were alternative sources and people see how bad it was. it is critically important that hose sources be there all the time and now with a russian government that shall we say is loosely connected to the truth most of the time and to the r ual taeurtsdz in -- facilitators. the truth works for us. last thought. i worked half of my life in nternational broadcasting for the united states

, which is true, it is holding, but it is severely tested and not just by the attack on the pro russianincident as well yesterday according to the ukrainian defense minister, gunmen on motorcycles firing between another checkpoint between here and donesk, and it is being blamed on the pro russian group, and they are blaming it on special forces. so the fallout is that the ordinary ukrainians that we have been speaking to, and not the extremists, but the people who want dialogue with kiev say they are prepared to join the insurgency as a result of the attack yesterday. so if indeed russia is driving the insurgency as the latest new york times' photos would be with the goal the incite division, it is working. right now, richard, a lull right now with the three days into the truce, and however, no compliance by the radicals on either side to the demands of the geneva deal. back to u you, richard. >> thank you, jim maceda. and staying on ukraine, lawmakers on both sides of the aisle are pushing for the obama administration to is step up the sanctions on russia. >> we are going to continue t

but rent is so high that it is difficult for restauranteur is.cities. >> i look forward to trying a new restaurant downtown. that's it for street smart today. i will see you right back here omorrow at 3:00 p.m. have a good night, everyone. ♪ >> we're approaching 56 past the hour so bloomberg is on the markets. take a look at how stocks closed on this federal reserve announcement day, the dow closing at a record 16,580. the s&p ending higher by about .33%. the fed really holding steady in its statements but nonetheless a little more optimistic about the economy and it seemed to at least not take any of the air out of the market today. a little bit of a leg up after the fed statement came out. and tony dwyer, u.s. portfolio talked generally about investing and told betty liu that we are in a no man's land when it comes to this correction we have seen. but no matter what, he says you should be buying equities. really want to be an aggressive buyer when it feels wrong. in the percentage of stocks above their various moving averages is much lower than

this is mr.donahoe's. >> the board and i have been looking at these alternatives for the past five years. ebay makes paypal stronger by helping them grow faster. it provides more data and to provide a strong financial foundation that will ultimately make paypal more successful as part of ebay, than separate. commerce and payments are converging, not diverging. the commerce companies are trying to get into payments and payment companies are trying to get into commerce. we are looking at how they can be most successful and the board and i believe the best way is together. >> that was ebay ceo john donahoe in february. this is him today. >> what carl icahn has done is seen the potential and opportunity in our company, so he is becoming a long-term shareholder which is a win-win. >> positive spin from the ebay ceo in his interview with erik schatzker. that was just after the news. carl icahn, who has accumulate about two percent of ebay's january, will get an independent board seat now. icahn wants t

here is the thing. they do see more deals and here is why. do havenvolvement we right now and what we are starting to see in the market is one where ceos are willing to do a larger deals. this is the first time in 45 years. if you talk to clients about transactions over the last 45 years, they are intrigued by the intellectual interest. we have an environment now were the conditions that have been rateslike low interest are still there. there is no crisis on the horizon. we feel in the last couple of quarters there has been a positive equity market towards m&a transactions. that is counter to anything we have seen in a long time. that is starting to generate additional interest by companies and ceos. haso your point, goldman walked out on some big deals. the time backing warner deal. they must've been paying them to advise. at the way thek blue tables are calculated, the markets there -- market share numbers are studious. oldman did not advise on whatsapp or more in stat -- morgan stanley did. puig the revenue figures out of get thes -- when

it is all limitations on the government. that is what the bill of rights is. the government to not do this or that. they are all negative. >> except for the government, everybody can do what they want. >> absolutely. >> to take an example, we have an antidiscrimination law. title vii of the civil rights act of 1964. until then, discrimination was ok in the private sector. because the constitution restricts what government can do. a private employer could say, i don't want any women. that would be ok until 1964. >> did you have something to do with that? [laughter] >> i would say president johnson in the congress did when they passed the civil rights act of 1964. >> i have a question from catherine of the newseum. to whom does the first amendment apply? do undocumented immigrants have the five freedoms? >> i think so. anyone who is present in the united states has protections under the united states constitution. americans abroad have this protection. other people abroad do not. >> when we get to the 14th amendment, it doesn't speak of citizens. some constituti

it is still going up. ours is coming down. this does raise the question at what point do the lines begin to converge and what does that mean? i will quickly say that one of the things steinberg and i say when they reach half the spending of american military spending, they should think about it. we try to balance that with the argument needs to be moderated and made more ecumenical. chinese in some elements of our thinking and planning and operations change the name to something more to mine. -- benign. we are not looking to get in their face. i want to go in to that in detail. china is the number two world military spending power. they spend about $200 billion a year. that may slow down a bit. we will have to see. >> let's go back to the audience. my name is steve. one area of your redemption is taiwan. in response to the russian seizure of crimea, could this embolden chinese hardliners with the declining economic growth rate might look for a success -- in theiwan strait taiwan strait. ? i would like to ask and elaborate on t

but i think that there is, there is a shot but there is no doubt that it is very tough but i would say you know, we'll have to see how much that movement carries. >> thank you. >> don't give up on texas. >> i won't. >> it is changing. and it will change in the near future. in the next four to six years, statewide democrats will be elected in texas again, promise you that. >> let's see if we get the last two folks up here with questions. ask a quick question over here, direct it if you will to a particular panel member. >> my question is washington has become so hateful and trickling down into our society. when in your crystal ball see the democrats and republicans begin to work together so that we can fix america and, we can have these type of intelligent debates without criticizing and demeaning each other? [laughter] >> who wants to start? >> no? >> politics is, is a pendulum and i think we are on the far edge of uncivil discourse right now in politics and i am an optimist and i do think that the pendulum will swing back it will be frankly when voters start demanding it. and what i t

and that is where the embassy is.ut if you look at media consumption patterns in places like sadr which is the largest now russian republican federation, most people come into this includes the 20 rules rely on shortwave because the distances are so huge. that's what is true on the periphery of the russian federation is very different than what is true in moscow, and just because we have a government that tends to act as if moscow is russia, international broadcasters seem to be aware that russia is a country that a large part of it are people who have very different consumption patterns in the media than do the people in the center. i am quite sure that -- because i've been in contact with the people that if you said to being told i'm entitled about the new standards and is quite striking and i would urge as strongly as i can i think we need to take our friends on not just in moscow, but in the enormous regions. i want to mention one last point you should all be aware that the popular movements in the three of the ru

that is 32 years. nothing is happening until 2018. that is when 32 years is up.ill be gridlock this year. congress cannot pass this plan. paul ryan has his plan. boehner says blah, blah. the republicans cannot agree. going forward, the law will stay the same as it is. for this year, and probably for next year and the year after. play by the rules, take advantage of breaks. we have so much tax information on kiplinger.com. we can save you a lot of money. offeringin mccormally tax advice. as always, thank you. coming up, we will take a short session of open phones. first, we will get you prepared for next week in congress. our reporter talked with a reporter here at c-span. [video clip] >> david drucker is the senior correspondent for washington examiner with a look at the week ahead. congress is back for one more week of work he for their ryan's resolution to the floor. can you tell us what is in the proposal? >> i think you will see the debate throughout the week. they will vote on that before they leave for recess at the end of the week. i think the most notable

it is like a magnet for 1.38. euro strength is all anyone is talking about. mario draghi speaks later. elsewhere, look at kiwi. the new zealand dollar up by 0.3%. this one keeps on moving. it is the best-performing currency this year. the bank keeps on tightening. investors expect more hikes down the line. >> thank you so much, jonathan ferro with the latest. joining us from our perspective is anti-lynch, portfolio manager who helps oversee kroger's 1.5 billion pounds of assets. what excites you the most? we have a little bit of everything. yesterday we had china, today we have data from the eurozone. we also have these megamergers. we have tech stocks on the move. what do you feel is a great way for investors to take advantage of? >> if you look at mergers and tech stocks, it shows where sentiment at the corporate level is improving. ge aren't going to be looking to spend massive amounts of money on alstom unless they feel confident about the trends in the underlying economy. you buy when you can see the upside in growth potential going forward. if you look

it is a bird, it is a plane, it is a superfast train.ll tell you what superman 3 can tell us about high-frequency trading next. ♪ eight high-frequency trader has delayed its ipo in response to scrutiny on the business after the release of a michael lewis book. charlie roseo about alleged rigging in the stock market. >> i don't understand how you have a group of people operating by different rules than the rest of the economy. people could think it was right to organize the stocks as a kind of two-tiered thing with some people having special access and advanced word of prices and everybody else just taking it. it is shocking. >> you can watch his full interview on "sure the rose" tonight at 10:00 p.m. -- "charlie rose" tonight at 10:00 p.m. london time. high-frequency trading is a complex system. it is a copy of a notoriously bad movie, superman 3. >> michael lewis's latest book sets its sights on the world of high-frequency trading. the kraft only performed by the most sophisticated investors armed with the most powerful computers. it is

this is the greatest of it all is the problem we have. am very much an optimist about america but on the matter of how to help people in those situations, i don't think anyone has any idea. capitalism requires a kind of citizen it does not produce. very well put. libertarians are pretty comfortable with paternalism aimed at children. treat kids like kids. i'm good with that. i will also say that there is public policy and wages -- when you talk to people who study marriage, a lot of them talk about the fact that the wage situation is such right now that men cannot get steady work for 50 weeks out of the year that pays anything and therefore they are not any use around the house. does marriage promotion work? no, but there are broader public policies where you can try to do things that make it easier to form an intact family. things like early childhood education, i don't know if you can actually scale it. i think harry preschools do a good job. i am not convinced you can reproduce perry preschools for 4 million kids a year. a partnership,

it is not, is it?er would let her speak when she is being investigated by congress and potentially investigated by the justice department because you just don't know what the investigators know about you and how your words may help them rather than protect you. stuart: we are not in the bottom of it are we t? now i am assuming that in the election campaign of 2012 the government tipped the scales with the irs and went after the president's political opponents. >> i don't think that is that much of an assumption, i think that is fairly obvious. there are e-mails the congressman's investigators have unearthed that basically stand for the following. we hate the citizens united opinion. saying the corporations and groups have first amendment rights. the way to frustrate that is to use the irs. it is fairly obvious the government kept it below the radar screen until after president obama was reelected. one of the reasons she or whoever did this was because the law gives the irs so much leeway that whoever i

that is not encrypted. the assumption is that it is private. there is no reason to encrypt it. we called her head around and we tried a bunch of theories. we look at architecture diagrams and documentation. both in terms of what was in the slides and what is publicly available. it clicked. we tried a bunch of theories and it made sense. cablesre tapping the between data centers in the cloud. that was interesting and surprising. you would have to think from a hacker network perspective. they are giving a set of constraints. legal and technical constraints. they are given a mission to collect data on target they find interesting. of theploited a property cloud architecture, which is if you are here in d.c., and you are connecting to a google data center in north carolina or mountain view, your communication will stay in the u.s. stop because of the way google architects their networks , your data is replicated to all those locations in the world stop in the event of a power outage on the west coast, they will collect the same data that would be illegal or not available to them do

is?> it is larger than people realize. is not just going and applying a patch. people need to change their passwords, their private keys that encrypted data. there is a lot more behind the scenes that these vendors have to do. your passwords could have been compromise, your information could have been stolen. there are a lot more ramifications than just running a patch and fixing the website. this is one of the largest exposures we have seen in 10 years. it will be a long time before these issues are affected, it requires more than just fixing a system or running a patch. there will be a lot of issues to come. the major problem is detection. prior to get the release, there was no way of it being detected, whether was exploited prior to the patch being released. we have so many companies that have no idea whether they were hacked prior to going live. >> you wonder how many consumers are taking the time to change their passwords. posted be keeping this all week long with what is going on wi

andrew's comment is that, is mr. ginsburg being named only because he happens to be head of the department? or is he being named because he personally performed some act and i look at the referral here and it was a referral that says, in that, to find the recreation and parks department in violation of the sunshine ordinance. for enforcement and then it says referral for the enforcement specifically naming phil ginsburg, director of recreation and park department responsible. which is sort of i don't know, if they are saying that we can simply say that we think that there was been a violation, and hold the department responsibility and mr. ginsburg in his capacity as the head of the department, is responsible, because i mean, clearly, i think that none of us are going to find a willful violation, and so if we are talking about a non-willful violation, and what we are really doing is giving some direction to the park and rec department and its employees, that when you get a request and you are dealing with that issue,

it has gotten to cheap is what he is telling us. of the names he follows and recommends. pne we found is the current are in each case a discount to where we have seen these stocks change historically. trading 14 times, amgen. so, 19.3. some of the stocks don't go back further than seven years. if you want to play this trend and we should point out biotech there it is. it is the etf for biotech. we also want to point out it seems to be stopping. blame it for taking us down but maybe it has gotten to cheap. >> if you take a look at the down 2.8%.ech, they'reck is a sector down 2.8%. some big selling names like via biogen.ike blackrockers, strategists, he also weighed in on the i/o tech selloff. >> overall, the market looks overvalued. those were very stretched. if what we're seeing here is a modest correction and that a company into more value-oriented, that is probably healthy. >> weighing in on the selloff in sector.ech let's take a look at what is happening with oil. to aboutsing today up a five-week high, 2.5%. oil isd between cha

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that is what delectable is for.e leaders in the industry reporting on the wines they are talking about. makes of the things that wine so difficult, you have no idea what it tastes like. have to taste it. how can make it to a place where winds are brady? >> that is what we are working on. we are working on a collective brain everyone is contributing to. one of the things we focus on is how much martin -- how much margin until the consumer pays for it. >> it is incredible. i think there is a lot we can do in able direct to consumer. that is enabled in the product now. has not shown up yet. it is still being identified. it usually finds what i'm looking forward -- what i am looking for. >> thanks for having me. >> it is time for the bwest byte. -- is an ally.ay -- app.he current cost of whats billion purchase. sincet price could go up the deal was announced. >> you have been watching the sellout? >> yes. the stocks, in terms of how deals are structured, with incentives. if the meat performance they get more money. i ex